Hannover Re looks to increase renewable energy coverage

Oct 24, 2011 - Hannover Re (ETR:HNR1) intends to raise its coverage of renewable energy projects and weather-related risks, Michael Pickel, member of the German re-insurer's management board, said today.

According to Pickel, there is potential for the provision of traditional property coverage in Germany, a form of coverage which is already popular in the US.

At present, insuring wind, solar and other renewable energy facilities and covering weather-related risks brings premium income in the low double-digit million euro range each, Pickel said.

Hannover Re is now also engaged in covering offshore wind farms in addition to onshore facilities, he added.

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