QBE has launched a Sustainable Energies unit at a time they described as being in a midst of a fundamental energy revolution.
The underwriter said the new unit will align its underwriting capabilities across Construction, Operational, Casualty, D&O lines, focussing on underwriting the growing range of companies and energy systems that form part of a rapidly changing energy mix throughout the world. Projects include hydrogen, ammonia, hydro, solar, fixed and floating wind-power and carbon capture and sequestration.
Peter Burton, Executive Director, International Markets, said: “QBE is setting out a clear agenda to support its customers in the transition to a lower carbon global economy. As investment in sustainable energy is on the rise, we see a growing need from our customers for specialised insurance for these types of projects and sizeable opportunity for QBE. Seb and his team will build upon the deep expertise of our natural resources team and create a specialised team to oversee this new opportunity.”
He added: “We are in the midst of a fundamental energy revolution and we are entering a period where we will see a rapidly increasing number of projects globally as countries race to meet lower carbon energy goals. Using new technologies and reconfiguring energy grids will be among the key challenges.
“There is a fast-growing range of competitive, sustainable power generation options (bio-fuels, hydrogen, ammonia, hydro, solar and fixed and floating wind-power), which will need to be built and operated to create a sustainable base-load. Many of the projects will involve large, and sometimes integrated projects – penetrating and supporting into existing energy/industrial systems, and many of these will span both onshore and offshore and involve complex engineering solutions, with significant financing requirements and governmental support.”
Sebastian Weaver has been appointed head of Sustainable Energies. He will be supported by a dedicated Sustainable Energies underwriting team both in the UK and in Europe.
“We are increasingly seeing traditional energy firms exploring more sustainable energy sources as well as start-ups entering the space and increasing use of new technologies,” added Burton. “It will take time for this transition to happen, but the number of projects is increasing rapidly and that is why we are seeing a great opportunity to support these projects for existing and new customers from an insurance perspective.”