Abstract
How to construct a feasible and acceptable framework for offshore wind power
reinsurance to respond to the huge business opportunities of offshore wind power, protect huge the lender’s benefit of loan amounts, and protect the interests of the insured is the purpose of this paper.
This study adopts three research methods in the qualitative research method: literature research method, in-depth interview method and case study method. From the literature review, it is expected to sort out the risks of offshore wind
power, the feasible reinsurance structure, reasonable insurance and reinsurance premiums , and find out the retention for the insurance and structure for the reinsurance market from the indepth interviews with experts and scholars. Finally, from the case study of project financing reinsurance, the strategy of future domestic project financing reinsurance is positioned.
Finally, present the results of the reinsurance structure research in this paper in case studies, and use real insurance cases to analyze how reinsurance
underwrites offshore wind power, what underwriting information is needed, how to make reinsurance rates, and whether the reinsurance structure is fairness, whether the premium requirements of the insurer and the insured are reasonable, especially whether the claim settlement procedure meets the needs of all the parties concern when the claim occurs, whether the benefit of the lenders are fully protected, and the due diligence of the insurance whether the investigation can satisfy the benefit of both the borrower and the lender has been analyzed in detail in the case study. In addition, through the case study are point out Munich Reinsurance’s plan for reinsurance arrangement are applicable for local risk characteristics. Financial losses resulting from the delay in start up
also suggest specific insurance solutions. The ten major risks of offshore wind power in Taiwan mentioned in the final conclusion of this article are particularly noteworthy which are different from the other countries and it is the procause for big loss occurred. The proposal proposed at the end of this article is also expected to be a reference materials for regulators and insurance companies.
Keywords: offshore wind power, construction engineering insurance, in-depth interviews, project financing, reinsurance