- In developing the product, QBE looked to an energy rating model created by the new AUSPAC Renewable Energy team.
- 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.
QBE Australia Pacific has launched insurance for renewable energy projects. 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. Hill said, “QBE’s purpose is to enable a more resilient future, and we’re pleased to contribute to this by aligning our underwriting capabilities with the growing range of companies and energy systems that form part of a rapidly changing energy mix.”
In developing the product, QBE looked to an energy rating model created by the new AUSPAC Renewable Energy team. The model provides risk pricing across QBE offices globally and enables coverage according to each project’s risk management profile. Hill added, “Renewable energy projects are often constructed in high-risk locations like flood plains due to their isolation. 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.”