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Risk in Context Podcast: Accelerating renewable energy growth requires mature risk management processes

As more businesses embed sustainability and resource security into their business strategies, demand for renewable energy is increasing.

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As more businesses embed sustainability and resource security into their business strategies, demand for renewable energy is increasing. However, renewable energy project owners often encounter significant challenges with obtaining appropriate insurance coverage, which could slow down development and resilience efforts.

In this episode of Risk in Context, Funké Adeosun, global head of renewable energy consulting within Marsh Speciality’s Energy, Power, and Renewables Division, talks to Mike Kolodner, Marsh’s Global Renewable Energy and US Power Leader, about the issues that renewable energy companies are facing as they seek to fulfill lenders’ insurability requirements and the increasingly important role that risk managers play in helping companies identify and manage their risks. Thi Lee, director of risk management at Pine Gate Renewables, Lorena Torres, director of risk at Clearway Energy, and Joe Meaney, vice president of global insurance and risk engineering at AES Corporation, also share their perspectives about the industry’s growth and the importance of robust risk management processes. 

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Key takeaways

Cost of insurance increasing emphasis on risk management

As insurance costs increase, renewable energy companies are focusing more on risk management to reduce overall costs and improve asset valuations.

Pace of development contributing to insurability challenges

Renewable energy technologies are developing at a fast pace, and often faster than they can be established as proven, leading to challenges underwriting the risk.

Mature risk management strategies are a critical differentiator

Renewable energy companies that focus on strategically managing and minimizing their risks can unlock value for their organizations and improve their insurability outcomes.

About our speakers

Michael Kolodner

Michael Kolodner

Global Renewable Energy Leader

Mike Kolodner is Marsh’s Global Renewable Energy and US Power Leader. A former US Naval nuclear submarine officer, he has more than 20 years of operational, brokerage, advisory, and underwriting experience in clean energy risk and insurance management. Based in Boston, he leads an integrated team of more than 250 renewable energy specialists around the world.

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Jane Smith

Head of Energy and Power, Pacific

  • Australia

Jane Smith is the head of Marsh’s Energy and Power Practice in the Pacific. She has more than 36 years’ experience in the insurance industry and has worked with some of Marsh’s largest Australian and global clients. She has spent the majority of her career working in the energy, power, and utilities industry and has an excellent understanding of the issues and complexities in the sector. She spends the majority of her time utilizing her experience and expertise to help our major clients drive strategic outcomes. She is the recipient of multiple industry awards.

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Gemma Claase

Head of Renewable Energy, Energy & Power Practice

This publication is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update this publication and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. Any modelling, analytics, or projections are subject to inherent uncertainty, and any analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change.

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