The renewable energy industry has transformed itself into a material part of the global economy. In 2023, $619bn was invested in renewables – an 8% rise from the prior year. As a result, the challenges and risk from this growing sector presents an opportunity for us. From large-scale offshore wind, to community solar projects, we are supporting renewable energy clients around the world.
Primary insurance coverages include property damage and resultant business interruption. This includes the construction and delay in start-up insurances. Many projects have insurance provisions written into finance agreements and we have a track record of supporting these requirements for property and loss of revenue.
Many renewable energy projects are cited on greenfield, often remote sites. In some countries there are notable weather perils associated with the sites, from wildfire, earthquake, hail, tornado and flood. Insurers continue to learn through supporting projects in these areas and we are investing in our people and our technology to underwrite these risks and provide the solutions needed for the renewable energy industry.
We can offer up to $40m of underwriting capacity for onshore and up to $75m for offshore wind. Target clients include those with a strong track record of building and operating large-scale projects with a mature view on risk and its management. Core technologies include wind (onshore and offshore), solar PV and BESS.
A large proportion of the business that Beazley support comes from North America and Western Europe – primarily due to the size of the renewable energy industries in these areas. Our interest in renewables is global – supported by our ability to write business from London through Lloyd’s as well as across the EU by our underwriting hub in Madrid.
Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in thea world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.
Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
London, UK
+44 (0)207 674 7186
Email Ben
London, UK
+44 (0)207 674 7798
Email Stefan
Remote, Spain
+34 930 474 237
Email Teresa