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					</table>In an interview on the sidelines of the <a href="https://www.mercomindia.com/event/renewables-summit-2025">Mercom India Renewables Summit 2025</a>, held on July 24 and 25 in New Delhi, Jonas Dalsgaard, Chief Commercial Officer (Sustainable Energy) at <a href="https://www.howdengroup.com/in-en" target="_blank" rel="noopener">Howden Group</a>, discussed how the insurance industry is aligning its offerings with the risks faced by the renewable energy industry. He also said companies across sectors must consider climate change events as risks that should be insured against.
Please provide a brief overview of Howden&#8217;s insurance offerings and services. 
Howden is a big global insurance firm. We were 5,000 people five years ago. We are currently 22,000 and are expected to reach 40,000 people in the next five years. In the renewable energy space, we have about 100 GW of assets insured, split between onshore and offshore wind.
Many of the risks are common across sectors, but when it comes to renewable energy, what specific risks do companies need to factor in? 
I think the risk landscape has changed over the years. So has the insurance industry. It&#8217;s no longer just a matter of insuring your house against a fire or water, for instance. The insurance landscape has moved away from just tangible risk. Risks arising from climate change must also be insured against.
The nature of the risk that we cover now is very different. We must consider climate change events, such as hailstorms, flooding, and drought, as risks. Luckily, there are markets willing to work with that.
Many sectors rely on the power that renewable energy companies provide. We haven&#8217;t discussed cybercrime or geopolitical unrest in much detail. We haven&#8217;t covered that a whole lot, but that&#8217;s something that also affects industry, and that is obviously something that we try and cover as well.
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What are the specific offerings that you provide for the renewable energy sector?
I think where we differ from our partners in the market is that our offerings are cradle-to-grave. An insurance broker historically underwrote risks, but I think that the term&#8217; insurance broker&#8217; really doesn&#8217;t quite cover what we do.
When I say cradle-to-grave, I mean getting involved in a project way before it becomes one.
What specific risks does the renewable energy sector face, typically, as opposed to risks faced by other companies? 
You could say that all companies face some of the same issues. However, onshore and offshore wind turbines will obviously have different risk profiles. We now have a proven track record of many fires being caused by thermal runaway, which has raised significant concern.
Thermal runaway in electric vehicles is becoming a growing concern, especially when you see many indoor charging points we have at malls and parking lots.
Does Howden offer insurance solutions for weather-related risks? 
Definitely. Weather-related risks are mainly referred to as parametrics. It has been a market that has been in place for the past 10 years. Parametric insurance is picking up. I am not necessarily referring to the large earthquakes that we observe or the tsunamis in Japan, but rather to flooding, for instance. We have a hundred people employed in our climate risk division, who help clients predict where to invest and identify areas that may be prone to problems over the next 10-15 years.
Recent reports indicate that solar irradiation and wind speeds are decreasing in India. 
This is where parametrics come in. This is a perfect example of how the insurance market has evolved. Parametric insurance comes with a price. You really need to evaluate your risk profile, and you might want to consider consulting with a professional to help with that, because many of these things can be covered, but as with everything, there is a price. So, we need to find that proper balance.
Which technology &#8212; wind, solar, hybrid energy storage &#8212; is more prone to risks?
They all have their risks. In hybrid projects, each part is well understood by insurers. In the wind, there is the risk of occasional fires or broken bearings. In batteries, there is thermal runaway.
Securing finance for projects is also a challenge for many companies. How can Howden help companies with this?
Where Howden adds value by insuring companies.
If a developer or utility has a strong risk profile but has a strong grip over its mitigation measures, it will automatically be perceived better, and you&#8217;ll have a lot of capital flowing against someone who doesn&#8217;t.
Can you talk about Howden&#8217;s India operations? 
I have 400 colleagues in India. Howden has been in India for 21 years now. We are not a small operation in the renewable energy sector. We have about 5 GW under management, and we are the leading provider of warranties for the solar PV sector.
How do you assess the risk landscape in India? 
I think the landscape is changing. We&#8217;ve heard today&#8217;s talk about offshore wind. I&#8217;m very hopeful that it will come to India. I would say the next stop is obviously hybrids and batteries. That&#8217;s going to be a big thing in India, as it is all over the world. However, I can say that the insurance market is ready to help with that. Further down the line, I believe biomass and green hydrogen will also play a significant role.
India is a very complex regulatory and policy landscape. Do you have any policy prescriptions for India in the renewable energy space? 
I don&#8217;t have them at hand, but I would say we are communicating at senior levels in the government. We are making progress and doing everything we can to help make this journey as smooth as possible. We can&#8217;t do miracles, but we can do our best based on our experience with similar situations around the world. It&#8217;s not for brokers to come in and try to dictate, but we can influence based on what we think or what we know works, and hopefully that will yield good results.
(Note: Sections of the interview have been paraphrased for better reading. Check out the video for a full chat)

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