MS Amlin tie-up to help ‘fill the gap’ in energy market
Lloyd’s global re/insurer MS Amlin Underwriting (MS AUL) has partnered with insurtech Altelium to provide a new battery energy storage insurance solution to help accelerate growth of the clean energy market.
Its partnership with Altelium will launch a client-centric battery energy storage system (BESS) construction all risk and operational all risk insurance solution, as part of its commitment to supporting sustainability.
Altelium is a specialist insurtech business that offers insurance for batteries, underpinned by real-time AI-powered data analytics. The new arrangement is designed to help solve BESS customers’ insurance needs and accelerate the growth of renewable energy and battery storage systems.
The re/insurer explained that the new solution will help “fill the gap” in the battery energy storage market, where it has identified a “potential barrier” to both industry growth and the global transition to a clean energy system.
It noted that companies involved in battery storage are “challenged”, and the partnership will offer insurance capacity to support clients that build and operate energy storage facilities of all sizes.
Julian Samuel, head of natural resources, MS AUL, said: “We’ve partnered with Altelium, a specialist in this sector, because of their deep technical knowledge and expertise within the battery market. I’m delighted that through this partnership, we are playing a part in the effort to combat climate change.”
Altelium co-founder Ed Grimston added: “We’re delighted to have MS Amlin Underwriting Limited partner with us to provide BESS operational all risk and construction all risk solutions, part of our wider portfolio of products and services across the battery value chain, which includes warranties on BESS and electric vehicles.”
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