Missed out on this webinar? Don’t worry! We have a series of upcoming webinars and events covering various aspects of the insurance industry.
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Renewables & The Energy Transition
On March 12th in Bangkok, the Renewables & the Energy Transition seminar brought together industry experts to explore the evolving risk landscape, underwriting challenges, and claims trends in renewable energy.
As the renewable sector continues to grow, so do the uncertainties and exposures that insurers and risk managers must navigate. The Singapore College Of Insurance jointly organised this seminar with Clyde & Co, Lloyd Warwick, QBE Asia fostering critical discussions on how the insurance industry is supporting a sustainable energy transition and the challenges faced in this area.
Key Takeaways
📌 Onshore Renewables – Design Standards & Exposures
With the active expansion of solar, wind, battery energy storage (BESS), and floating solar, loss patterns remain challenging due to climate risks and evolving technologies. Traditional underwriting models need to be reviewed and modified to incorporate advanced risk assessment frameworks with technical due diligence to better support this growing sector.
📌 Renewable Energy Claims Trends & Insights
Claims trends in Thailand and Southeast Asia highlight challenges in photovoltaic (PV), CSP, onshore & offshore wind, hydroelectric, and battery storage projects. Issues such as component failures and supply chain disruptions emphasise the need for stronger loss prevention strategies and localised risk assessment to enhance project resilience. Additionally, finding solutions to dealing with ambiguous laws and regulations to reduce complexity when it comes claims settlement is critical.
📌 Wind Turbine Claims in Thailand
An increased frequency of claims involving nacelle collapses and blade damage indicate towards vulnerabilities and lapses in design, installation, maintenance and site-specific risks. The importance of predictive maintenance, engineering-driven underwriting, improved oversight and proactive risk mitigation is key to minimising losses and ensuring long-term project success.
📌 Active Development of Hydrogen Power
Hydrogen is becoming more and more targeted as a viable as source of energy, but along with this novel form of energy comes with a myriad of concerns. Concerns on how to mitigate and insure against risk is a critical step in the widespread adoption of hydrogen power. Design specific safety concern, training regulations that arise with working with such a flammable and abundant fuel source, and transportation of the fuel calls for better risk management strategies.
👏 A big thank you to all speakers Young Jun Lee, Matt Robinson, Ian Johnston, Sorawat Wongkaweepairot, Arjan van den Broek, Brendan Dunlea and attendees for making this event a success!
For more information, contact events@scidomain.org.sg
