It is interesting to see Iraq is also using alternative energy sources in its goal of boosting production, although Cleary production from such sources is dwarfed by output from the oil sector. As the UN United Nations Environment Programme reported last year, investment in various types of sustainable energy, including solar power, continues to grow, with $155 billion invested in companies and projects globally in 2008, a more than four-fold increase on 2004.
Solar energy projects, like other energy projects need to be properly managed so that all risks are identified and dealt with properly. The Insurance market has responded to the emerging needs of alternative energy providers and has risen to the challenge to meet the needs of companies involved in all stages of solar power developments. Available services include project and engineering risk assessment, insurance provision for property and personnel risks, liability exposures and business interruption, also claims management support. As more alternative energy projects come into being, we will see a greater awareness and use of insurance as a risk transfer mechanism, to help protect such investments.