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| Solar Insurance Policy |
Here are some insurance products & solutions that are available for the renewable energy sector which are driving huge growth of Insurance Industry :-
Property & Engineering insurance: This type of insurance covers damage to renewable energy assets (operational & under construction) caused by natural disasters, equipment failure, and other risks. It can include coverage for solar panels, wind turbines, and other renewable energy infrastructure.
Liability insurance: Liability insurance provides protection against legal liability arising out of third-party bodily injury and third party property damage, product liability, environmental liability, and other risks.
Parametric insurance:
Parametric insurance is a type of insurance that pays out a predetermined amount of money when a specific trigger event occurs, such as a hurricane or a drought. This type of insurance is particularly well-suited to the renewable energy sector, where weather-related risks eg Solar irradiation or loss of wind can have a significant impact on project performance.
Cyber: With the increasing digitization of renewable energy projects, cyber risks are becoming a growing concern. Cyber Insurance can help to protect renewable energy projects from the financial impact of cyberattacks and other cybersecurity risks.
Performance guarantee & PV Warranty insurance:
This type of insurance guarantees that a renewable energy project will perform to a certain level, providing financial protection to project owners if the project fails to meet its performance targets. The PV Warranty insurance also helps OEM’s to insure warranty claims on PV modules and in the event of insolvency of OEM, the policy gets transferred to the buyer.
Political risk insurance:
Political instability, changes in government policies, and other political risks can pose significant challenges to renewable energy projects, particularly in emerging markets. Political risk insurance provides protection against these risks, helping to ensure that renewable energy projects can be completed successfully.
The insurance industry will continue to play a critical role in the renewable energy sector as more complex Hybrid renewable energy projects are being developed around the world which will need comprehensive insurance covers. As new technologies emerge and the regulatory landscape continues to evolve, insurance companies will have to continuously innovate in order to keep up with the changing needs of their Renewable energy customers. Insurance brokers and Insurance/ Reinsurance companies are developing innovative insurance solutions to address the unique risks and challenges associated with these projects. In 2023, we are expecting a massive 15-20 % insurance market growth coming from the RE sector insurance portfolio. More awareness for the Parametric & Warranty Insurance products will lead to increased demand and will further propel the insurance market growth and insurance penetration.
Several insurance companies in India offer solar insurance policies. Some of the well-known ones are:
The New India Assurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd.
HDFC ERGO General Insurance Co. Ltd.
National Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
United India Insurance Co. Ltd.
It's recommended to compare the policies and benefits offered by these companies before making a decision.
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