Insurance is and has always been the most efficient tool for transferring risk for energy companies. Our experienced team at GrECo firmly believes it is the cost-effective way to replace capital, protect cash flow, facilitate financing, and maintain investor confidence.
We believe it is essential to understand the complex aspects of your risks and communicate them effectively to insurance markets. This is particularly true in the energy, power, and mining sector, where environmental and social aspects are as important as technical underwriting information.
Global electricity generation and consumption are expected to grow by 50% or more within the next three decades. To meet future demand, significant investments and specific insurance measures will be required for externally financed new-build projects.
Effective risk management provides benefits beyond lower insurance premiums. Power utility companies, as operators of critical infrastructure, face stringent regulatory regimes, with non-compliance resulting in severe penalties. State-of-the-art risk management ensures regulatory compliance.
Comprehensive insurance programmes and effective claims handling minimize business interruptions due to unforeseen events, while implementing risk engineering recommendations reduces the likelihood and severity of loss.
Our thorough, hands-on understanding of the challenges of today’s power utility industry, various stakeholders’ expectations, and the operation of international insurance and reinsurance markets makes us a risk management partner to you rather than just insurance intermediaries.
A successful risk transfer programme must be designed to address your individual circumstances such as your technical risk features, your company’s risk appetite and risk tolerance, the strength of your balance sheet and cash flow, lenders’ and shareholders’ requirements and so forth. For large corporate risks, the often-quoted adage that “no two risks are alike” rings particularly true.
Because of excellent and long-standing direct relationships within key insurance and reinsurance marketplaces worldwide, our team members guarantee to make sure you are supported with up-to-date market knowledge in your risk management decisions.
This is how we classify our services and solutions in order to fit the specific demands of the individual industry sector:
- Combined cycle plants and utility providers (water, waste, electricity);
- Gas/coal-fired power plants;
- District heating;
- Hydropower plants;
- Nuclear power plants;
- Solar & photovoltaic power plants;
- Offshore and onshore wind turbines;
- Electricity transmission & distribution.
Our holistic approach to risk management, tailored insurance solutions, regulatory compliance support, and proactive risk engineering services give you unparalleled added value. Our risk engineering team, supported by world-renowned external experts, will provide you with independent technical analysis and risk improvement recommendations.
We know that by addressing both current and future challenges, GrECo can help you navigate the evolving landscape of the global energy industry with confidence and resilience.
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Pawel Kowalewski
Group Practice Leader Energy, Power and Mining
T +48 507 085 066