Skip to main content

Lloyd’s Asia launches new renewable energy consortium

23 Dec 2021

Lloyd’s, the world’s leading marketplace for commercial, corporate and specialty risk solutions, has launched a new renewable energy consortium, to respond to the growing needs of the APAC region and supporting countries, as they transition to greener energy solutions.

Developed by the Lloyd’s Asia platform, the consortium pools underwriting expertise and capacity among the participating syndicates for renewable energy risks and is positioned to capitalise on the growth opportunities seen in this sector, such as onshore construction, as well as the operational risks of solar and wind energy projects.

The new consortium has been developed by Chaucer, Markel, and Munich Re Syndicate Ltd (MRSL) and has a maximum working capacity of USD100m per project.

The renewable energy sector has experienced considerable growth in Asia over the past decade with solar and wind power expanding rapidly and major countries in the region investing in renewable energy, including India, Japan, Vietnam, Korea, and China as the world’s largest producer. The Association of Southeast Asian Nations (ASEAN) has set an aspirational regional renewable energy target – to derive 23% of its total primary energy supply from renewables by 2025.*

It is expected that Asia Pacific will continue to outperform other regions as a market for the investment and development in renewable energy over the coming decade with capacity predicted to increase by up to 2 terawatts by 2030.**

“Alternative energy sources are critical in achieving the successful global transition to a low carbon economy. The Renewable Energy Consortium at Lloyd’s brings together expertise from leading businesses on our platform in Singapore to provide insurance solutions that will allow us to play a greater role in enabling the development of renewable energy projects in Asia. This is another example of Lloyd’s commitment to supporting our client’s and economy’s transition to a sustainable future.”
Pavlos Spyropoulos, Country Manager, Singapore and CEO, Lloyd’s Asia
“Chaucer is delighted to work with Markel and MRSL to bring our new Renewable Energy Consortium to the Lloyd’s Asia platform. By combining our expertise and capacity, we are able to offer a truly unique solution to the market; one that actively supports the pursuit of greener, more sustainable energy.”
Margaret To, Chief Executive Officer of Chaucer’s Singapore office
“We at Markel are very pleased to partner with established and experienced Singapore markets to further develop insurance solutions for the Asia renewable energy industry. By pooling our regional expertise and capacity, and combining it with our international renewables experience, we believe we can offer a compelling product offering to clients in the region.”
Tom Baker, Head of Renewable Energy, Markel
“We are delighted to be part of the consortium and look forward to playing our part in supporting green energy initiatives across Asia Pacific. This platform enables us to step up our push towards a more diversified energy portfolio and support clients who are doing the same, whilst cultivating new, and further strengthening existing relationships.”
Tim Lee, Energy and Engineering Underwriter, Munich Re Syndicate Singapore

*Source: International Renewable Energy Agency

**Source: Boston Consulting Group, “Riding the Renewables Wave in Asia-Pacific”, January 11 2021

1. Lloyd’s Climate Action Paper: Join the Reset, a part of Lloyd’s Futureset, explores the risks, challenges and importance of decarbonisation across industry, transport and energy. This series also outlines Lloyd’s commitments to climate action, together with the role of the global insurance industry in supporting and accelerating the world’s transition to a sustainable future. The Sustainable Markets Initiative Insurance Task Force foreword and roadmap for action is included in this section.
2. Lloyd’s, Renewable Energy: Risk and Reward, report highlights that renewables are disrupting the traditional energy industries with some estimates suggesting that coal and gas use will reduce dramatically by 2050. Solar PV dominates renewable capacity growth with approximately 575GW to become operational globally by 2025. Wind capacity is forecast to grow almost 324GW to reach 839GW by 2023. Lithium-ion batteries have become the most popular technology for storing energy with an 85% cost reduction in the last decade.
3. More news and information available from 

Enquiries to:


+44 (0) 20 7327 5111 | 
+44 (0)20 7327 5391 | 

+44 (0) 20 7327 6125 | 

+44 (0) 20 7327 5721 | 

+65 6870 9227 | 

About Lloyd’s
Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world. 

The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally. 

It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale. 

And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.

The Future at Lloyd's sets out our strategy to build the most advanced insurance marketplace in the world.