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Marsh renewable energy course focuses on risk and insurance developments

Here are the key takeaways from the Renewable Energy Insurance and Risk Management course.
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By Darren Popham , 

Head of Sales, Power and Renewable Energy

18/12/2023 · 3 minute read

As the renewable energy industry expands, its insurance and risk management needs will continue to shift. To maintain the level of growth anticipated in coming years as the energy transition gathers steam, it is important for both industry leaders and the insurance markets to understand the risks and opportunities.  

To support this growth, Marsh hosted its inaugural Renewable Energy Insurance and Risk Management course, in London on November 28 and 29, 2023.  

Targeted toward industry professionals, the two-day course provided an understanding of the types of renewable energy being developed and how they are viewed by the insurance market. Attendees represented 18 companies from across the UK, Europe, and the Middle East from a range of industries, including construction, financing and investment, and power development. 

A growing industry

Growth within the renewable energy market in the last year has led to a huge increase in insurance premium volume placed, said Robert Hale, leader of Marsh’s Power & Renewable Energy Practice. However, this growth has also resulted in higher policy count which can be harder to manage. 

Regardless of size, renewable energy projects generally have similar complexity regarding the management and delivery of competitive and bankable insurance programmes. 

Andrew George, global head of Marsh Specialty’s Energy and Power Practice, said it is vital for the insurance community to continue to respond positively to renewable energy projects and not to adopt a ‘business as usual’ approach. 

Understanding the renewable energy industry

Attendees benefited from a number of presentations on risk management and insurance solutions for renewable energy projects, including:

  • How estimated maximum loss (EML) scenarios are considered for the main risks and exposures of each renewable energy project.
  • The specific requirements and expectations of lenders on project finance transactions.
  • The key contractual requirements associated with financiers or lenders.
  • The principles of risk identification needed to identify physical risks associated with different forms of renewable energy.
  • The main areas of technical information required for underwriting renewable energy projects and how these risks are placed in the market.

The course included a group task that required attendees to manage the associated risks of delivering a renewable energy project with a robust insurance programme — on time and on budget. The exercise tested skills in planning, collaborating, identifying potential risks, and drawing up contingency plans — all crucial areas for operating within the renewable energy industry.  

Future courses

Marsh plans to build on the success of this year’s Renewable Energy Insurance and Risk Management course as we continue to promote education and dialogue within the industry. 

To enrol in future programmes, please contact your Marsh representative

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