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NT Bureau
Chennai, May 2:
 

        Royal & SunAlliance (R&SA) today launched a Global Renewable Energy Division bringing together its leading team of experts from around the group to provide global insurance solutions for the renewable energy market.

        The European Union has set targets for 20 per cent of the EU's total energy supply to come from renewable energy by 2020, up from 6.5 per cent in 2006.

        Insurance market for wind energy expected to be worth over 1bn by 2015. R&SA is the first composite insurer to provide one-stop solutions for the wind energy industry.

        R&SA has been a leader in the renewable energy sector for over 25 years, providing solutions for wind energy, solar, hydro, biomass and waste-to-energy businesses and projects. The new Global Renewable Energy Division is being launched to support each of these industries as they evolve, by providing a one-stop insurance solution for clients, backed by R&SA's specialist market knowledge.

        The Global Renewable Energy team is being headed by Ken Norgrove and brings together the largest team of renewable energy insurance experts in the world, combining their specific industry and local market knowledge across R&SA's global network.

        Ken Norgrove, CEO of Global Renewable Energy at R&SA, said: 'The renewable energy sector is increasingly attracting serious investment as governments around the world set stretching targets to combat greenhouse gas emissions. This has cemented the importance of renewable energy as a viable source of the world's power. R&SA is expanding its regional capability and specialist local market knowledge to create a unique global insurance offering for the renewable energy sector.'

        Customers will have access to worldwide network of over 130 countries where R&SA offers insurance solutions energy underwriting specialists and loss prevention and control engineers in regional centres of excellence cover for every stage of a project, from development and planning to site-testing and construction, through an on-going operation.

        Wind energy is the first product being launched through the new unit. R&SA has over 25 years of specific wind energy experience and provides cover for a broad range of clients, including manufacturers, developers, contractors, operators and finance companies.

        The company is one of the few insurers to offer both on-shore and off-shore cover. It is also the largest insurer of wind turbines in Scandinavia; and has the fastest growing wind energy insurance offering in the Canadian market.

        Antony Jacob, managing director, Royal Sundaram said: 'The Indian economy will be one of the largest in the world by 2020, which brings rapidly growing energy demands. Volatile energy prices, dependence on imports coupled with the growing pressure to reduce greenhouse gases will fuel growth in the renewable energy sector. Royal and SunAlliance is one of the global leaders in renewable energy insurance with a presence in over 130 countries. In India, Royal Sundaram, as a leading non-life insurance company, is in a unique position to bring RSA's global best practices and knowledge, tailored to the needs of the Indian customer.' For more information on Global Renewable Energy from Royal & SunAlliance, log on to www.royalsun.com