Royal & SunAlliance (R&SA) has launched a global renewable energy division.
The division has been established in response to the European Union's targets for 20% of the EU's total energy supply to come from renewables by 2020, up from 6.5% in 2006.
R&SA said the insurance market for wind energy is expected to be worth over £1bn by 2015.
Ken Norgrove, chief executive officer of global renewable energy at R&SA, commented: “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.”
Wind Energy is the first product being launched through the new unit."
Ken Norgrove, added: “We have expanded our regional renewable energy capability in direct response to a growing demand for global solutions. Wind Energy is leading the way in terms of capacity and rate of growth, so we are focusing on the global wind market initially and will then replicate our global offer in other renewable markets where we already have strong presence and regional expertise such as solar, waste to energy, biomass and hydro.”