[INTERVIEW] The renewable energy market, an opportunity for insurers 

In January 2019, France published its new Multiannual Energy Programme (PPE), which sets the country on a path towards carbon neutrality by 2050 and sets the course for the French energy mix of the future across all energy sectors. 

The programme includes a target of 33% renewable energies in the total energy mix by 2030 (compared with 19% today) and 40% in electricity production (compared with 24% today).  

Equancy helped AXA to better identify the potential of the Renewable Energy (RE) market in insurance. We spoke to Damien de Ponthaud, Marketing Business Partner for Property & Casualty Pros and Businesses at AXA France, to share his vision of the market and AXA's positioning.

1° Damien, can you give us your vision of the potential of the renewable energy market?  

Today, renewable energies in France represent a major source of energy in the energy mix, accounting for almost 19% of gross final energy consumption in 2021, with a target of almost 33% of renewable energies in the energy mix by 2030. Wind power and photovoltaics have been on the rise for the past 10 years, and are the driving forces behind this growth.  

In addition to this target, France has introduced a bill to accelerate the development of renewable energies, including the creation of a "green industry tax credit" to attract industrial investment in the wind and solar panel sectors. 

Among the measures in this bill that are of particular interest to us are the mobilisation of areas that do not present an environmental challenge (derelict or run-down sites) for the installation of renewable energies, such as car parks with more than 80 spaces, and the simplification of environmental procedures to reduce the time taken to appraise renewable energy projects.

2° And what opportunities do you see in the market for insurers?  

As you can see, the renewable energy market has been growing for several years now, with ambitious government targets and a favourable new regulatory environment: the lights are green for us insurers!  The main opportunity is to strengthen our insurance offerings with renewable energy cover, so as to offer appropriate cover for installations. This cover is aimed at installers, lessors and operators alike.

3° How is AXA France positioning itself to make the most of these opportunities?  

AXA has been a forerunner in the renewable energy market for several years. We currently offer insurance products for wind power, photovoltaic, methanisation and hydrogen installations and installers. 

Our ambition is to accelerate over the next few years by keeping pace with the growth of the market and its players, particularly in the wind and photovoltaic sectors, and by capitalising on new regulations such as the requirement for car parks with more than 80 spaces to install photovoltaic panels.  

To strengthen our position in this market, we are deploying a sales strategy that addresses the specific needs of the various players in the renewable energies sector. The deployment of this strategy is also accompanied by an ambitious plan to enhance the skills of our General Agents, so that they can provide the best possible support to business leaders committed to the energy transition.