Zurich Financial Services Group (Zurich) announced that Zurich Global Energy, a unit of the Global Corporate division, has created a cross-functional team to address the insurance needs of the growing alternative energy market, including solar power, wind power, biomass, geothermal energy and hydropower. The alternative energy team comprises international underwriting experts for onshore property, exploration & production, casualty, ocean cargo and energy risk engineering. The team will address all phases of risk management for the renewable energy sector on a local and global level.
Zurich will draw on the experience of its Global Energy business unit, which today provides up to $100 million capacity for both onshore and offshore renewable energy projects. Coverages include property, general liability and cargo coverage related to renewable energy risks from the time equipment leaves the manufacturing plant through construction and the operational phase of an energy facility.
Mario Vitale, CEO Global Corporate North America, said: “Global Energy has been insuring alternative energy risks for many years. We are excited to be able to leverage our international experience, financial strength and customer knowledge to help meet the evolving risk management needs of the renewable energy sector through a dedicated team approach.”
Today, about 13 percent of the world’s total primary energy supply stem from renewable energy. In 2006, the market size for biofuels, wind and solar totaled $54 billion and is expected to grow to $226.5 billion by 2016.
The establishment of the dedicated alternative energy team is in line with Zurich’s recently launched market-focused global climate initiative, the company said. The main objectives of the initiative are to understand the emerging weather, financial and regulatory risks associated with climate change and to develop products and services that help customers cope with these risks.
Source: Zurich Financial Services
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