Insurer Allianz restyles approach to renewables, unifies team

Global insurer  Allianz said it will unify its renewable power sector resources to better fuel growth of its green power portfolio.

Allianz Engineering, Construction & Power (EC&P) is building a cross-regional team of local underwriters to service brokers and customers in renewables, working from a single hub.

Allianz justified the reorganization with reference to an "expert-led model where underwriters are specialists rather than generalists."

Allianz cites forecasts for renewable energy capacity in the UK to triple from 49GW in 2021 to 152GW in 2035, driven mainly by wind and solar. Government plans target solar capacity of up to 70GW by 2035 from 14GW currently.

The group cites a core underwriting appetite in onshore wind, solar, hydro power and short-term operational reserve (STOR) capacity, with possible ventures into other renewable sources and emerging technologies.

Allianz's head of EC&P, customer and distribution Jonathan Oldfield said: “We believe this will best service the needs of our existing and future customers and enable us to fulfil our growth ambitions. We have the expertise, and we are looking forward to working even more closely with our broker partners to enable our customers to benefit from it.”

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