QBE Insurance Wins Grand Prize for Innovative Insurance Scheme at SBR Management Excellence Awards

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His technical risk coverage for Singapore’s largest floating solar farm won them the award.

Solar power is Singapore’s most viable renewable energy source, but locating large-scale traditional solar installations is challenging due to the country’s dense urban landscape and limited land availability.

Using the country’s large reservoir area to serve the dual purposes of water catchment and power generation, Tengeh Reservoir’s large-scale floating solar photovoltaic (PV) system is the first of its kind in the region, positioning Singapore as one of the few countries in the world to incorporate green technology into water treatment.

With an area of ​​around 45 football pitches, the floating solar farm located at Tengeh Reservoir on the west coast of Singapore is one of the largest indoor floating solar PV systems in the world.

Floating solar farms have proven to be more efficient than conventional rooftop solar farms due to the cooler tank environment. Completion of the facility can help reduce the country’s reliance on fossil fuels and build Singapore’s climate resilience for a more sustainable future.

Photo sources: https://www.sembcorp.com/en/media/multimedia-centre/multimedia-Details-video?bannerId=17644

Given its experience in renewable energy such as solar, wind and energy storage systems, and having previously worked on similar projects in Singapore, Korea and Vietnam, the team at QBE Insurance (Singapore) Pte ltd. already had a good basis for conducting due diligence.

The project is also well aligned with QBE’s goal of advancing the United Nations Sustainable Development Goals (SDGs) and is another example of how QBE continues to support its customers in their transition to a low-carbon economy. carbon emissions and manage the risks associated with climate change.

For its innovative engineering risk coverage, QBE Insurance (Singapore) Pte Ltd. received the Innovator of the Year – General Insurance award in the recent Singapore Business Review Management Excellence Award. The annual awards program recognizes excellent leaders, innovators and teams, as well as HR and corporate initiatives that promote employee well-being.

In consideration of this award, three achievements were highlighted by the awarding body.

First, QBE was selected as the lead risk insurer for Singapore’s largest floating solar farm. This reflects recognition of QBE’s position in Asia as an expert engineer insurer.

Second, have a clear sustainability agenda, including a strong desire to support projects that build resilient communities.

The third is to have a team of engineers highly valued by brokers and insurers in the market and seen as playing a leading role in the local industry.

The QBE Singapore team has technical knowledge and experience in the field of renewable energy, having already worked on similar projects in Singapore, Korea, Malaysia and Vietnam, as well as in Europe and the Americas for more than 15 years old.

Besides having a strong global presence, QBE has built a good reputation in the market and is well recognized as a premium brand for having had operations in Singapore for 130 years.

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