The insurance industry faces challenges that require "innovative thinking and a deep level of understanding" to take advantage of opportunities in the renewable energy market, says RSA.
Speaking at the Airmic conference in Bournemouth today, RSA's power and engineering director Steve Allen said the UK currently generates 3% of power from a renewable source, however the target is to reach 15% by 2020.
In addition, the Offshore Valuation Report recently published by the government showed that if the UK used 29% of its practical offshore resource, the marine renewables industry could make the UK a net exported of electricity by 2050, creating opportunities in the area.
In a workshop, RSA, which provides asset and revenue protection and consultancy and risk management services to many of Europe's ‘Clean Energy' providers, helped delegates identify different types of emerging risks faced by the renewable energy industry through case-study scenarios.
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