Wind Energy Insurance in China: Opportunities & Challenges
RSA and WWF outline how government, insurers and the wind energy industry can help to meet the Chinese government's CO2 emissions and renewable energy targets.
Building capacity in the domestic wind energy insurance market
China has the fastest growing renewable energy market in the world, with nearly 30,000 wind turbines currently in use, and the number predicted to grow by 10,000 per year. However, the industry has grown so rapidly that domestic insurers have not been able to keep up with the pace of development and provide specialist insurance products that cover the complex risks involved.
The report argues that China’s wind energy industry will benefit from increased collaboration between domestic and international stakeholders to improve the technical capacity of the domestic wind energy insurance market. It also calls for further cooperation to spur investment through improved risk management and to ensure consistency around damage assessments and repair plans.
The Chinese report and an English translation of the executive summary are available to download.