CIP co-organized "Insurers Day 2.0- How the Insurance Industry Can Help Enterprises with ESG and Green Transformation Seminar" with CR Classification Society and Marsh Ltd

Following the first Insurers Day in 2019, Copenhagen Infrastructure Partners (CIP) introduced the concept of risk assessment and insurance for offshorewind projects. Co-organized "Insurers Day 2.0- How the Insurance Industry Can Help Enterprises with ESG and Green Transformation Seminar" with CR Classification Society(CR) and Marsh Ltd., Taiwan Branch. More than 20 financial, insurance companies, and all 14 domestic property & casualty insurance companies were present. Through industry-government-academia exchanges and successful experience sharing of Changfang & Xidao and Zhongneng Wind Farm, it will provide suggestions for expanding Taiwan's offshore wind underwriting energy and establishing alternative risk transfer plans.

The risk sharing mechanism of offshore wind power is divided into two aspects: " assurance" and "insurance". In terms of assurance, the "National Financing Guarantee Mechanism Promotion Project" has been approved by the Executive Yuan in 2020, and the Export-Import Bank of the Republic of China (Eximbank) has been appointed as the execution unit of the guarantee business, and has officially established the "National Financing Assurance Center" in 2021. In terms of insurance, in response to the expansion of the scale of global offshore wind projects, the risk of exposure to the overall industry has increased significantly, and it is not easy to pass on the international reinsurance market. The government really needs to make arrangements in advance to improve the legal and supervisory mechanisms related to alternative risk transfer, and guide the integration of the insurance market and the capital market.

Keith Hsu, CFO of CIP Taiwan, pointed out that the life cycle of OWFs from construction to operation is as long as 25 to 30 years. It requires delicate green insurance development policies, regulatory guidance and supporting facilities to have the opportunity to break through the bottleneck of underwriting energy.

Wei-Chun Xie, Chairman of CR, said that offshore wind project insurance needs to be supported by scientific and experienced certification and risk identification. Based on its experience, CR provides services related to maritime assurance appraisal to protect the interests of insurance companies and the insured.