Climate Innovation Showcase: Mitigating new technology risks to enable renewable and climate projects

31/08/2022
Climate Working Group

AXA XL give an overview of their performance insurance solution for mitigating new technology risks, in an “innovation showcase” series sponsored by the BU Climate Working Group  

Simon Morden, Underwriting Manager, and Jiten Halai, Head of Structured Risk Solutions, from AXA XL London office discuss their performance insurance product and its application to new technology as an enabler for renewable and climate projects.

Topics covered include:

  • Defining performance insurance as a mitigant to specific technology risk relating to a new or renewable project
  • Conditions to trigger the policy considering when the technology fails to perform; warranty clauses; existing debt service or contingency reserves
  • Benefits to the lender to cover the gap in debt obligation, with the length of the policies matched to the term of lending, typically over 5 -15 years
  • Benefits to the insured in order to get better interest rate on debt financing, or even achieve financing where they otherwise couldn’t
  • Types of technologies covered include green energy related as well as other technologies, with data points availability required from prior testing   

Also covered: the size of the projects, underwriting in the early stage of financing, bespoke nature of the policies, and collaboration with various stakeholders.

The video concludes with a case study to summarise AXA XL’s experience gathered from 20 projects over the past 10 years.  

Visit the link below to access the video on the BU CWG homepage.   

No alt text provided for this image

Climate Products and Incentives Innovation Showcase

https://www.berneunion.org

AXA XL give an overview of their performance insurance solution for mitigating new technology risks

Latest News

Member News
03/06/2024

IfTI Global Symposium 2024: Quo Vadis, Global Trade?

BU is pleased to support the upcoming opportunity to connect with Berne Union members and partners a...
Publications
02/05/2024

May BUlletin: Charting a course forward

Charting a course forward: Navigating AI, digitalisation, and economic support to Ukraine amidst unp...
Press Release
24/04/2024

BU members reflect on a prodigious year for new business in 2023, despite an increasingly fractious risk environment

Innovation, technology and opportunities in the green transition in focus at Berne Union Spring Meet...
Member News
17/04/2024

New Chairman & Managing Director was appointed to SLECIC from April 2023

A Finance Industry Specialist, Mr. Senarath Devendra, took over as the Chairman/Managing Director of...
Member News
16/04/2024

Change in Finnvera’s top management

Juuso Heinilä appointed as CEO from 1st June
Member News
02/04/2024

World Bank Group Publishes New Data, Aiming to Boost Investment in Emerging Markets

Proprietary statistics on the credit risk profile of private and public sector investments in emergi...
Member News
28/03/2024

Changes in Dhaman top managerial positions

Dhaman would like to inform you about recent changes in its top managerial positions
BU Data
20/03/2024

Business Confidence Index Q1.24 Published

Demand is set to remain strong through the first quarter of 2024, following concentrated growth in t...
Press Release
06/03/2024

BU90 Stakeholder event - thank you for helping us celebrate!

A recording of the live stream is now available to view online
Publications
26/02/2024

February BUlletin: Celebrating 90 years of supporting trade and investment

Celebrating 90 years of Berne Union - 1934 - 2024 Reflecting on Berne Union’s origins and celebrati...
Member News
16/02/2024

Changes in the Bank Board of EXIMBANKA SR

The Government of the Slovak Republic appointed a new top management team for the Export-Import Bank...

Upcoming meetings

Claims and Recoveries Specialist Meeting 2024

Jun 11 - Jun 13, 2024
Shenzhen, China
This meeting will take place from 11-13th June 2024 in Shenzhen, China hosted by SINOSURE

YOUNG PROFESSIONALS London Networking Meetup

Jun 20, 2024
London N1C 4AG
The Berne Union's Young Professionals are invited to a networking social event in the Kings Cross area of Lond...

Climate 101: Climate Strategy and Function in Export Credit

Jun 25, 2024
Webinar to share experiences in implementing climate strategy

Unlocking LATAM's Potential: Insights & Collaboration

Jun 27, 2024
Webinar for Berne Union members on exploring Latin America's investment potential and discussing key strategie...

Committee Drop-in Calls

Jun 2024
Engage directly with the BU Secretariat, Committee leadership and Member Peer Group!