For the APAC area and supporting countries, Lloyd’s has formed a new renewable energy consortium. The consortium, which was created by the Lloyd’s Asia platform, pools underwriting competence and capacity for renewable energy risks across the participating syndicates.
Markel, Chaucer, and Munich Re Syndicate Ltd formed the new consortium, which has a peak working capacity worth $100 million per project. It is well-positioned, according to Lloyd’s, to take advantage of growth prospects in the renewable energy industry, like onshore construction, and also the operational risks of wind and solar power projects.
Wind and solar power have grown significantly throughout Asia in recent years as key countries in the region, including Korea, India, Japan, Vietnam, and China, the world’s largest producer, have already invested in renewable energy. And, according to Lloyd’s, Asia Pacific is going to continue to outpace other areas as a market for renewable energy investment as well as development over the next decade, with capacity expected to rise to 2 terawatts by the year 2030.
“Alternative energy sources are crucial in making a successful worldwide transition to a low-carbon economy,” said Pavlos Spyropoulos, Lloyd’s Asia Country Manager and CEO.
“On our platform in Singapore, the Renewable Energy Consortium at Lloyd’s brings together expertise from top firms to offer insurance solutions which will enable us to play a bigger role in aiding the growth of renewable energy projects throughout Asia. This is yet another illustration of Lloyd’s dedication to assisting our clients and the economy is moving toward a more sustainable future.”
“Chaucer is happy to cooperate with Markel and MRSL to introduce our newest Renewable Energy Consortium to the Lloyd’s Asia platform,” Margaret To, CEO of Chaucer’s Singapore branch, added. We are able to provide a really different solution to the market by combining our experience and resources; one that actively promotes the pursuit of cleaner, more sustainable energy.”
“We are delighted to join with established and seasoned Singapore markets to further create insurance products for the Asia renewable power industry,” said Tom Baker, Markel’s Head of Renewable Energy.
“We believe we can deliver a compelling product portfolio to customers in the region by pooling our regional resources and expertise and coupling it with our global renewables experience.” “We are thrilled to be a member of the consortium and hope to play our part in helping green energy activities across the Asia Pacific,” said Tim Lee, who is an Energy and Engineering Underwriter at Munich Re Syndicate Singapore. This platform allows us to accelerate our efforts to diversify our energy portfolio and assist clients who do the same, all while creating new partnerships and improving current ones.”