MSIG Asia And The RiskPoint Group Join Forces To Drive Renewable Energy Insurance Across Asia Pacific
SINGAPORE - Media OutReach Newswire - 24 January 2025 - MSIG Asia Pte Ltd ("MSIG"), a leading general insurance brand in the region, and The RiskPoint Group ("RiskPoint"), one of Europe's largest Managing General Underwriters specialising in renewable energy, have announced a strategic partnership to advance renewable energy insurance in Asia Pacific.
This collaboration underscores both organisations' shared commitment to sustainability and innovation in addressing the evolving needs of the sector.
With approval from the Monetary Authority of Singapore (MAS) 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.
Enhancing risk management for Asia Pacific's renewable energy sector
The Asia Pacific region is projected to invest over US$3 trillion in power generation over the next decade with nearly 49% of the investment dedicated to wind and solar projects and 12% for energy storage. Renewable energy is emerging as a key driver of both economic and environmental progress as countries in the region accelerate their green efforts to combat climate change and enhance long-term energy security1.
With MSIG's extensive regional distribution network and financial strength, combined with RiskPoint's technical expertise and underwriting capabilities, the partnership is poised to significantly impact the renewable energy insurance landscape in Asia Pacific. Together, MSIG and RiskPoint will deliver tailored insurance solutions for construction and operation of solar, wind, and hydroelectric assets to project owners and their appointed brokers.
"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. Together, we are confident in making a meaningful contribution to the region's accelerated transition towards a sustainable future. We are excited to work with RiskPoint to seize the promising opportunities ahead. This partnership is a key part of our MSIG Asia 2029 Growth Ambition, as recently outlined to the financial markets2," says Clemens Philippi, CEO of MSIG Asia.
Mack Eng, CEO of MSIG Singapore adds: "As Singapore solidifies its position as a regional insurance hub and accelerates its green energy transition, the opportunities in this space are immense. We are proud to partner with RiskPoint to support Singapore's and the region's green energy transition, collaborating with our business units across the Asia network to drive large-scale renewable energy projects."
MSIG and RiskPoint share a long-standing relationship dating back to 2008 in Europe, covering renewable energy, property, casualty, and financial lines. The expansion into Asia Pacific marks a critical milestone, further strengthening RiskPoint's market-leading panel of 'A' or above rated insurance companies in the renewable energy insurance sector. It also highlights the broader RiskPoint's dedication to work with world-class insurance providers to deliver exceptional value.
Kenneth Nielsen, CEO of RiskPoint Group comments: "In our pursuit to provide service excellence and expand our footprint in AsiaPac, I am proud to welcome MSIG as a business partner. This new partnership enhances our ability to offer unique value propositions to the region and reaffirms the RiskPoint Group's commitment to supporting the expansion of renewable energy solutions. We are excited to be part of driving the green transition also in AsiaPac in collaboration with MSIG."
1 APAC to invest US$3.3 trillion in power generation over next decade | Wood Mackenzie
2 https://www.ms-ad-hd.com/en/ir/ir_event/presentation.html
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About MSIG Asia
MSIG, one of Asia's leading general insurance brands, is a member of the MS&AD Insurance Group Holdings Inc. and a wholly owned subsidiary of Mitsui Sumitomo Insurance Co. Ltd., boasting a robust credit rating of A+ Stable. With over 40,000 employees and presence in 48 countries and regions globally, the Group is amongst the world's top non-life insurance groups based on gross revenue. Within Asia Pacific, MSIG is represented in all ASEAN markets as well as in Australia, New Zealand, Hong Kong, China, Korea, India and Taiwan. It is the top non-life regional insurance provider in ASEAN based on gross written premiums. MSIG's expansive network also includes MS First Capital, headquartered in Singapore, and the Asia Pacific operations of MS Amlin. MS First Capital specialises in Corporate, Marine Hull, and unconventional risks, while MS Amlin delivers specialised insurance solutions in Property & Casualty, Marine & Aviation, and Reinsurance sectors.
www.msig-asia.com
About The RiskPoint Group
The RiskPoint Group is one of Europe's largest Managing General Underwriters (MGUs), providing best in class insurance solutions to businesses and their advisors globally. The RiskPoint Group operates as RiskPoint in Europe and Asia and RP Underwriting in the rest of the world. With 250+ employees and 16 locations in Europe, North America, and Asia Pacific, the RiskPoint Group employs expert underwriting and specialised, in-house claims teams within Accident & Health, Transactional Risk, Property & Construction, Renewable Energy, Offshore Upstream, and Liabilities, including Financial Lines, Cyber, and Casualty. The RiskPoint Group is a Coverholder with Lloyd's of London and is backed by a strong panel of well-reputed insurance companies.
www.rpgroup.com
