Asia Offshore Wind Insurance Opportunities
With the social, political, and environmental pressures on carbon reduction, it is clear that very significant renewable sources of energy will be required as a matter of urgency. Growing populations have increased global energy demand, the urgency of addressing climate change has intensified, and sustainable development has moved into sharp focus. In response, renewable energy has moved from the margins to the center ground of global energy and development policy, making renewables the world’s primary source of new power capacity and outpacing all other forms of new generation put in operation for the last seven years.
In the special report, Asia Offshore Wind Insurance Opportunities, Marsh JLT Specialty and Marsh Insurer Consulting Group surveyed 25 insurers and projects an insurance market capacity of US$1 billion (with natural catastrophe coverage) to US$1.5 billion (without natural catastrophe coverage) for six territories in Asia over the next five years. Offshore wind premiums in Asia are estimated to exceed US$2 billion for the period 2020 to 2025. Much of the demand for insurance capacity will be driven by high investments particularly in China and Taiwan, accounting for more than 90% of the region’s capital expenditure.
According to Marsh JLT Specialty, the six territories are at different stages of development warranting in-depth assessments of unique risks and challenges, as detailed in this report. Climatic conditions, regulatory requirements, infrastructural limitations, and geopolitical challenges present both risks and opportunities for coverage of property damage, business interruption and delay in start-up.
Download your copy of the Asia Offshore Wind Capabilities Insurance Market Report now.