The rapid growth of renewable energy in Australia has contributed to significant changes in risk and insurer appetite for the sector.
The key risks of the sector include:
The constant evolution of renewable energy technology. For example, wind turbines are increasing in size and complexity while solar panel technology is transforming to deliver more efficiencies and easier installation. The constantly evolving technology creates two challenges for insurers. First, the untested technology is more difficult to underwrite as the technology’s performance is unknown. Secondly, the falling installation costs has led to a reduction in premium volumes.
The exposure to natural catastrophes. For example, renewable energy plants such as solar farms and wind farms are impacted by flood, hail, cyclones or earthquakes.
The hardening of the insurance market due to the increased frequency and severity of losses in the renewable energy sector. This has led to rate increases, constriction in capacity, changes to coverage limits, and the extension of deductibles. These market changes come as demand for renewable energy insurance is increasing. This in turn has accelerated the hardening of the market.
Barrack Broking assisted the Senior Executives of a large renewable energy business to identify and quantify risks across their business. This included an independent review the business’s risk financing and insurance program. The objective was to ensure that insurable risks were identified and understood, and the insurance program was appropriate in responding to the risks identified.
The review produced a detailed analysis of the business's risk profile and insurance program, and with this information the Senior Executive team made more informed management decisions.
Steering Committee
Coordinated a steering committee consisting of stakeholders from all departments within the business.
Risk Review
Conducted an Organisational Risk Management Review and Benchmarking exercise, to identify key risk exposures, including risks that were not covered in the insurance program.
Communication Improvements
Put in place recommendations to improve communication and reporting processes in managing risk and insurance.
Implemented Changes
Implemented changes as instructed by the Senior Executive team.
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As all businesses operate in an uncertain world, Barrack Broking is dedicated to delivering strategy, ideas and certainty to protect your business.
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