Introduction:

are you ready and waiting?

Introduction: are you ready and waiting?

Welcome to our Power and Renewable Energy Market Review for 2019.

Are companies in the power and renewable energy industries “ready and waiting” for the changes to their risk landscape – changes that are becoming ever-more apparent across a wide range of issues?

Are they ready, for example, to play their part in the transition towards a low-carbon world?
Are they ready to take in their stride the likely unfavourable developments in the global insurance and reinsurance markets, as Lloyd’s and the company market seek to improve their profitability and some of the major European carriers withdraw from underwriting coal risks?
Are they ready to resist the growing threat of cyber-attacks? Are their controls sufficiently resilient and do they have appropriate financing mechanisms in place should an enterprising hacker manage to get through and disrupt their operations?
Are they ready to take advantage of new analytics and data-driven risk management techniques to improve the quality of their risk financing decisions?

These are some of the questions addressed in this Review. It comes at a time when rapid innovations in technology present both threats and opportunities; a time when geopolitical risk remains at the top of boardroom agendas; and a time when there are signs that the global insurance and reinsurance markets, after years of benign conditions fuelled by an oversupply of capacity, may finally be on the turn.From a personal perspective, I am delighted that this year’s Review includes new ideas and solutions on a broad number of risk areas from our Natural Resources team.

Hopefully they will help you to become “ready and waiting” for the changes to your industries which, if they are not happening already, are surely just around the corner.

Graham Knight is Head of Natural Resources GB at Willis Towers Watson, based in London.

Are companies in the power and renewable energy industries “ready and waiting” for the changes to their risk landscape – changes that are becoming ever-more apparent across a wide range of issues?