The renewable energy industry has transformed itself into a material part of the global economy. In 2023, $619bn was invested in renewables – an 8% rise from the prior year. As a result, the challenges and risk from this growing sector presents an opportunity for us. From large-scale offshore wind, to community solar projects, we are supporting renewable energy clients around the world.
Primary insurance coverages include property damage and resultant business interruption. This includes the construction and delay in start-up insurances. Many projects have insurance provisions written into finance agreements and we have a track record of supporting these requirements for property and loss of revenue.
Many renewable energy projects are cited on greenfield, often remote sites. In some countries there are notable weather perils associated with the sites, from wildfire, earthquake, hail, tornado and flood. Insurers continue to learn through supporting projects in these areas and we are investing in our people and our technology to underwrite these risks and provide the solutions needed for the renewable energy industry.
We can offer up to $40m of underwriting capacity for onshore and up to $75m for offshore wind. Target clients include those with a strong track record of building and operating large-scale projects with a mature view on risk and its management. Core technologies include wind (onshore and offshore), solar PV and BESS.
A large proportion of the business that Beazley support comes from North America and Western Europe – primarily due to the size of the renewable energy industries in these areas. Our interest in renewables is global – supported by our ability to write business from London through Lloyd’s as well as across the EU by our underwriting hub in Madrid.
London, UK
+44 (0)207 674 7186
Email Ben
London, UK
+44 (0)207 674 7798
Email Stefan
Remote, Spain
+34 930 474 237
Email Teresa