Sydney, Australia – Markel, the insurance arm of U.S.-based company, is contemplating the possibility of extending their coverage to some of Australia’s energy businesses as the industry undergoes a notable transition towards renewables. In a recent interview with Rory Morison, the new managing director of Markel’s Australia unit, he shared insights about the company’s expansion plans and their interest in providing insurance solutions for energy risks.
Expanding Horizons
Markel has expressed its commitment to expanding in Australia, as evident by their recent announcement of three new office openings in the country. They seek to introduce innovative insurance products that cater to the protection needs of fast-growing technology businesses amidst the rapid growth of the digital economy. These offerings encompass professional indemnity, general liability, and directors and officers liability policies.
Opportunity in Renewable Energy
Looking to the future, Markel sees great potential in supporting Australia’s energy businesses through insurance coverage during their transition to renewable energy sources. Morison acknowledges the changing tides on a federal and state level over the past few years, reflecting a favorable shift in investment towards renewables. With their well-established expertise in risk transfer, Markel believes they can be instrumental in facilitating this transition for their clients.
A Global Perspective
Currently, Markel offers energy products from their branches based in London, Dubai, and Singapore. The company’s expanded focus on Australia’s renewables sector demonstrates their dedication to aligning their offerings with the changing needs of their clients.
As the global landscape evolves towards sustainable energy solutions, Markel aims to be at the forefront of providing reliable insurance solutions that support businesses in achieving their renewable energy goals.
Commitment to Renewable Energy Transformation in Australia
Australian officials are determined to position the country as a leading player in the field of renewable energy. Prime Minister Anthony Albanese recently expressed his government’s aspiration to establish Australia as a “renewable energy superpower.” To demonstrate this commitment, the government has announced an expansion of 2 billion Australian dollars (US$1.26 billion) in financing for critical minerals. These minerals play a vital role in the development of wind turbines, rechargeable batteries, and solar panels.
Renewable energy is gaining prominence globally, and Markel, an insurance company, offers a range of energy insurance products catering to various aspects such as oil refineries, gas plants, and wind farms. While Markel doesn’t aim to cover major energy companies with widespread global operations, its executives believe that potential clients in Australia, operating at a lower tier, could greatly benefit from their services.
Christian Stobbs, Markel’s managing director for Asia Pacific, emphasized the importance of having an underwriting team based locally in the market to ensure easy access to business opportunities. Stobbs further highlighted that considering the Australian government’s dedication to fostering the growth of the renewables sector, Markel is interested in exploring opportunities in this field.
