Insurance firm QBE Australia Pacific has launched insurance for renewable energy projects such as solar and wind farms within Australia, with the new proposition the first in market to offer ‘cradle to grave’ coverage across a project’s lifecycle from construction through to operation and decommissioning.
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Eligible renewable projects include wind and solar energy generation, and battery storage, with plans for expansion to include emerging technologies such as hydrogen.
QBE Australia Pacific managing director, business, Elliot Hill said, “QBE’s purpose is to enable a more resilient future, and we’re pleased to be contributing towards 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 addition to covering the full journey—from construction to intermittent operation, to full operation, and eventual decommissioning—new policies can also support existing projects from any point in their lifecycle, such as for the upgrading of existing energy assets like transformer improvements.
Supporting the offering is an energy rating model developed by the new AUSPAC Renewable Energy team, which is being deployed across QBE offices internationally. The model not only provides accurate risk pricing but enables tailored coverage according to each project’s risk management profile, and flexibility if the risk profile changes.
“Renewable energy projects are often constructed in high-risk locations like flood plains due to their isolation,” Hill said.
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“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. If developers then make changes to minimise their risk profile, we can re-price according to their new lowered risk profile, offering our customers the opportunity to reduce their premiums whilst also reducing their risks.”
