Leaders’ Lens on a Promising Partnership to Drive Renewable Energy Insurance in APAC

MSIG Asia Pte Ltd ("MSIG"), a major general insurance brand in the Asia Pacific region, has aligned with The RiskPoint Group ("RiskPoint"), one of the largest Managing General Underwriters in Europe and specialising in renewable energy, to improve on renewable energy insurance in Asia Pacific. This tie-up marks yet another commitment towards sustainability and innovation for both firms to address this growing industry demand.

With the Monetary Authority of Singapore giving its nod to RiskPoint for the appointment as MGA for MSIG Singapore, the collaboration will now use Singapore's position as a regional insurance hub to offer coverage for renewable energy projects across Asia Pacific.

Over the next ten years, this region is supposed to invest in power generation valued at more than US$3 trillion. That means nearly 49% is invested in wind and solar projects and 12% in energy storage. Green initiatives by almost all countries to curb climate change and strengthen their long-term energy security have made renewable energy a great engine for progress on both fronts: economic as well as environmental.

By combining MSIG's extensive regional distribution network and financial strength with RiskPoint's technical acumen and underwriting capabilities, this collaboration will play a big part in the renewable energy insurance market in Asia Pacific. As for project owners and their brokers, MSIG and RiskPoint are teaming up to deliver tailored insurance solutions for the construction and operation of solar, wind, and hydroelectric assets.

"The renewable energy sector faces unique challenges, including regulatory changes, natural disasters, and operational risks. Our collaboration with RiskPoint will provide significant support to our broking partners and their clients in overcoming these challenges. Together, we are confident in making a meaningful contribution to the region's accelerated transition towards a sustainable future. We are excited to work with RiskPoint to seize the promising opportunities ahead. This partnership is a key part of our MSIG Asia 2029 Growth Ambition, as recently outlined to the financial markets," says Clemens Philippi, CEO of MSIG Asia.

Mack Eng, CEO of MSIG Singapore adds: "As Singapore solidifies its position as a regional insurance hub and accelerates its green energy transition, the opportunities in this space are immense. We are proud to partner with RiskPoint to support Singapore's and the region's green energy transition, collaborating with our business units across the Asia network to drive large-scale renewable energy projects."

MSIG and RiskPoint have had a longstanding partnership since 2008 in Europe, covering renewable energy, property, casualty, and financial lines. Their expansion into Asia Pacific marks a significant milestone, further reinforcing RiskPoint's market-leading panel of 'A' or above rated insurers in the renewable energy sector. It also underscores RiskPoint’s commitment to collaborating with top-tier insurance providers to deliver outstanding value.

Kenneth Nielsen, CEO of RiskPoint Group comments: "In our pursuit to provide service excellence and expand our footprint in AsiaPac, I am proud to welcome MSIG as a business partner. This new partnership enhances our ability to offer unique value propositions to the region and reaffirms the RiskPoint Group's commitment to supporting the expansion of renewable energy solutions. We are excited to be part of driving the green transition also in AsiaPac in collaboration with MSIG."