MSIG Asia and The RiskPoint Group have formed a strategic partnership to enhance renewable energy insurance across Asia Pacific.
This collaboration highlights their joint commitment to sustainability and innovation, aiming to meet the evolving demands of the sector.
With approval from the Monetary Authority of Singapore for RiskPoint's appointment as MSIG Singapore's MGA, the partnership will leverage Singapore's position as a regional insurance hub to provide coverage for renewable energy projects across the broader Asia Pacific region.
The partnership arrives as the Asia Pacific region is set to invest over $3tn in power generation over the next decade, with 49% allocated to wind and solar projects and 12% to energy storage.
"The renewable energy sector faces unique challenges, including regulatory changes, natural disasters, and operational risks. Our collaboration with RiskPoint will provide significant support to our broking partners and their clients in overcoming these challenges," said MSIG Asia CEO Clemens Philippi.