Insurance Programs in the Renewable Energy Sources Projects

Abstract

The development of projects using renewable energy sources (RES) necessitates the development of insurance programs and systems. This involves identifying and assessing the risks of renewable energy projects in the transition to new types of energy, determining typical corporate and specific risks, the need and content of the main types, forms of insurance contracts, assessing the financial condition, and choosing insurance organizations and reinsurance programs. This article focuses on the formation of such insurance programs, their interaction with industrial safety systems and ensuring corporate participation in achieving sustainable development goals; as well as selection and assessment of the insurer financial stability and the insurance RES programs economic efficiency.

Current deficiencies and reinforcement of institutional pillars for reform in the green insurance market: A systematic review

“…For a sustainable growth of the renewable energy market, Gatzert and Kosub (2016) indicated that the availability of adequate insurance solution is crucial for the investors to manage and mitigate the complex risks in renewable energy projects. Kirillova et al (2021) identified the specific risks to the renewable energy industry, analyzed the related insurance coverages, and pointed out a close interaction between insurance and technological advancement and a formal regulatory basis is vital to ensure the sustainable development of the renewable energy market.…”