The insurance giant described the new renewable energy insurance offering as the “first in the market to offer ‘cradle to grave’ coverage” across renewable energy projects' lifecycle – from creation to decommissioning. It is also available for existing projects.
Elliot Hill, managing director of business at QBE Australia Pacific, said the new renewable energy insurance proposition delivers on QBE's goal to support new and existing customers as they transition to lower carbon energy.
“QBE's purpose is to enable a more resilient future, and we're pleased to be contributing towards this by aligning our underwriting capabilities with the growing range of companies and energy systems that form part of a rapidly changing energy mix,” Hill said.
In developing the product, QBE looked to an energy rating model developed by the new AUSPAC Renewable Energy team.
Available across QBE offices across the globe, the model provides risk pricing and enables coverage according to each project's risk management profile. There is an element of flexibility should the project’s risk management profile change, QBE said.
“Renewable energy projects are often constructed in high-risk locations like flood plains due to their isolation,” Hill said. “Our goal is to point project developers to the specific risk factors they have that lead to a higher premium price and equip them with knowledge on how to mitigate these risks.
“If developers then make changes to minimise their risk profile, we can re-price according to their new lowered risk profile, offering our customers the opportunity to reduce their premiums whilst also reducing their risks.”
