You might wonder what an insurer like Swiss Re Corporate Solutions has to say at an offshore wind Operations and Maintenance (O&M) conference?
Actually, quite a lot. A condition-based, well-prepared O&M strategy will not only lower project costs during the entire project lifecycle but also limit the ongoing operational insurance costs.
Just imagine the case of a wind farm operator that does not invest in condition-based monitoring due to budget constraints. If several wind turbines stop working because appropriate monitoring measures were not adopted, the resulting financial loss is likely to be much higher than the budget originally needed. You can bet that this will raise uncomfortable questions about why no more protection and precautionary measures were put in place.
That is why the wind farm owner should have a keen interest in getting the O&M Provider to prevent, monitor, control and insure exposures – and to do so proactively as part of a sound risk management philosophy. Ultimately, this will enable the owner to reallocate capital to new investments rather than keeping back-up reserves for unforeseen events.
For us, as insurers, risk taking is our daily business. That means we know how to cope with uncertainty. The more the O&M responsible pre-identifies and addresses such uncertainties, the more affordable insurance gets.
We discussed these and many other related issues at ACI's Operations & Maintenance for Offshore Wind 2018 Conference.
See the highlights from our presentation as per below provided story link.
Protecting yourself in today's environment
The offshore wind market and technology are quickly developing and the historical stand-alone project approach is undergoing a rapid transformation towards a merchant market. This provides great opportunities for niche players and new types of companies that benefit from revenues without owning assets. Such new business models increase the complexity of ownership allocation for the various insurable interests.
Thus, even more importantly, offshore wind asset owners and or operators need a risk transfer solution that fits their group strategy and supports the entire life cycle of a project – both from individual risks as well as from a portfolio standpoint. At Swiss Re Corporate Solutions, we provide tailored, industry-focused solutions specifically designed for fast-changing markets, like offshore wind.
Our offerings protect owners against a wider range of threats and perils and so reduce cash-flow volatility while leading to lower funding costs and more security in investments.
We customize insurance to fit your needs – for example by extending your coverage from tangible to intangible assets or to cover weather risks.
We look forward to helping you with your risk management needs.
You can learn more about our offerings here: https://corporatesolutions.swissre.com/insurance/energy/#
Category: Sustainable energy: Wind, Other
Location: Swiss Re Corporate Solutions presenting at ACI's Operations & Maintenance for Offshore Wind 2018 Conference in London