Munich Re began selling insurance to investors in renewable energy projects in January. It expects the insurance contracts to generate $658 million in revenue within five years, according to Businessweek.
Munich Re becomes the first insurer to offer coverage for the contingency that a supplier goes bankrupt. The contract, which acts like a certification of the manufacturer, relieves a lot of the risk associated with investing in renewable energy. More risk-averse investors such as pension funds may be likely clients, says the firm.
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