Renewable sector opts for Insurance through Alliance Insurance Brokers
Sep 18, 2023
NewsVoir
New Delhi [India], September 18: Alliance Insurance Brokers, one of India’s leading insurance service providers, risk managers, and reinsurance brokers, has joined hands with 25 plus companies so far in the renewable energy sector, to provide new age insurance products in the sector.
Alliance Insurance Brokers will be majorly focusing on two insurance solutions- Performance warranty and Parametric insurance solutions. The significance of performance warranty insurance is growing by the day. In today's dynamic business landscape, new manufacturers are emerging, especially post the launch of "Make in India" initiative. It is expected that an energy project (whether it belongs to an established company or new set-up), will perform up to a promised level within a stipulated time. Alliance Insurance Brokers will provide financial protection to the company owners, in case the project fails to meet its performance targets.
It will also provide parametric solutions to companies, in case of large catastrophic events like drought, earthquakes, cyclone etc. which could lead to complete destruction of solar power installations and/or wind farms. To strengthen its capabilities and deliver these innovative solutions effectively, Alliance Insurance Brokers has secured reinsurance support from Aerial Re, a reputable US-based reinsurer and Axa Climate, a leader in providing parametric covers.
Speaking at the Alternate Risk Transfer: Sustainable Energy event in Delhi, Aatur Thakkar, Co-founder and Director, Alliance Insurance Brokers said, “India aims to reach net zero emissions by the year 2070 and meet 50% of its energy requirements from the RE industry by 2035. The sector is expected to grow manifold, due to reducing costs of materials and technologies, making it an emerging sector in the times to come. The RE sector needs immense protection from risks related to natural disasters, supply chain issues, equipment failures, policy and regulatory changes and political instability. Thus, ahead of the G 20 Summit, Alliance Insurance Brokers has announced providing innovative insurance solutions to RE projects and promoting long- term sustainability.”
Umakant Shende, Managing Director, ZEIT Green Development India Pvt. Ltd. said, "Post March 23, domestic demand for modules is expected to grow many fold and a product like performance warranty will instil confidence in entrepreneurs.”
In the coming times, insurance will play a mission critical role, as more and more renewable energy projects are coming up, across the world and these projects will require comprehensive insurance covers. There is a need for insurance companies and reinsurers to join hands and provide innovative solutions to such established companies, start-ups, entrepreneurs across the world.
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