Back to overview
December 21, 2022

Renewable energy: new risks require customised insurance solutions

The renewable energy market is constantly changing. This evolution brings many new opportunities for companies, but also creates new insurance challenges. With tailored solutions for the transfer of risk to the insurance market, Vanbreda Risk & Benefits aims to help support the transition to renewable energy and CO2 neutrality more than ever. A challenge? Absolutely, especially given the rapid advances in technology.

Hernieuwbare energie

Europe's ambitious climate target

The recent climate summit in Sharm El Sheikh shows how pressing the climate issue is. In addition, the war in Ukraine and the associated energy crisis are forcing Europe to supply as much energy as possible itself. With the European Green Deal, Europe aims to become the first climate-neutral continent by 2050. In order to do this, CO2 emissions must be reduced from 1990 levels by at least 55% by the end of 2030. This is an ambitious goal, in which the role of renewable energy should not be underestimated. Innovations and new technologies are being developed, and these entail new risks. Transferring the associated new risks to the insurance industry requires customised insurance solutions and in-depth knowledge.

Knowledge and experience are indispensable

The renewable energy sector needs to be insurable, and to have adequate insurance coverage at an affordable premium. This is a challenge in itself, especially because of the rapid technological evolutions in recent years. For example, wind turbines providing 500 kilowatts and with a height of 60 metres have now made way for turbines providing 15 megawatts with a tip height of 265 metres. The risks have thereby increased, as have damage costs, because repairs have become more complex. Knowledge and experience in the realisation of such projects are indispensable for future-proofing these developments.

The insurance partner for the renewable energy sector

“As the largest insurance broker and risk consultant in Belgium, Vanbreda Risk & Benefits is strongly committed to innovation and product development in order to be a knowledge partner for the renewable energy sector. We do this through future-proof customised insurance solutions, which we develop in consultation with the renewable energy sector and the insurance industry. Assessing risk and transferring it to the insurance industry requires expertise and access to a network of specialised national and international insurers. And it is precisely here that Vanbreda Risk & Benefits plays a very active role and continually invests in knowledge and experience needed to provide companies with optimal guidance in this,” says Jacob Strijker, Executive Broker of the specialised Construction & Engineering Team at Vanbreda.

Pasfoto Jacob 2022 150x150
Jacob Strijker
Afdeling

Related posts

U7353792727 photorealistic portrait construction worker wearing 23d6fa60 98fa 4438 b246 cb414a51d164

New regulations on work accidents: what do they mean for the construction and wood sector?

Construction
15.04.2025

Construction companies experience more frequent and serious work accidents than those in other sectors. A company is considered to be characterised by aggravated risk if the risk index exceeds a certain level during a three-year observation period. To ensure employees’ safety, specific measures are taken for situations involving aggravated risks. What new rules apply and affect your company?

Read more
Read more about New regulations on work accidents: what do they mean for the construction and wood sector?
Cyber resized

One new cyber incident at Belgian businesses every week

Press
13.03.2025

Cyber attacks are hitting Belgian businesses harder than ever: Vanbreda Risk & Benefits, the country’s largest insurance broker, recorded one new cyber incident every week last year. That represents an increase of 64% on 2023. Although three-quarters of these incidents cost no more than 20,000 euros, 4% of businesses lost more than 1 million euros. Despite this, many businesses in Belgium continue to underestimate the risks. The new European legislation* designed to boost businesses’ resilience to cyber attacks should change this situation in 2025.

Read more
Read more about One new cyber incident at Belgian businesses every week
CTA Image

More information?

We would also be happy to guide your company through the renewable energy challenges that you face. Interested? Contact our insurance experts.