Insurance and reinsurance are a “key part” of allowing renewable energy companies such as SSE Renewables to develop wind and other clean energy projects successfully, according to a senior figure at the SCOR partner.
SSE Renewables has developed a partnership with SCOR over the past few years to provide coverage for its renewable projects, particularly in the offshore wind space.
James McCallum, Head of Insurance at SSE Renewables, notes that re/insurers are integral participants in windfarm projects as they provide financial protection and investment support, while also sharing knowledge and information that are critical to the success of the projects
“Insurance plays a key role in any offshore wind projects,” McCallum commented. “There are huge infrastructure spends, and the technology is always advancing. [Working with (re)insurers] is a very important and key part of developing these projects successfully.”
“We’ve got a very good relationship and a long standing relationship between SSE and SCOR,” he added. “We know that the SCOR team has a lot of knowledge, and we can use that knowledge to help us at the very early stages of these projects to make sure that we’re de-risking them as far as possible.”
As a founding member of the Net-Zero Insurance Alliance, SCOR also supports greater re/insurance industry involvement in backing global collaborative efforts to achieve sustainability goals.
“We always have in mind this reduction of carbon emissions because it’s really part of our raison d’etre,” noted Lionel Kpoze, Senior Specialty Insurance Energy Underwriter at SCOR.
“The Paris Climate Change Agreement sets very ambitious goals regarding global warming. I think this is where offshore wind plays a key role as it provides clean, affordable, reliable and available-at-large-scale energy,” he continued.
