DTEK Renewables, with the assistance of the international insurance broker GrECo and the insurance company UNIQA Ukraine, has signed a unified property insurance program. The policy covers all DTEK Renewables’ solar and wind power plants, fully complies with corporate requirements for insurance coverage, and accounts for internal risk management standards and requirements for contractual documentation, the press service reports.
“Risk management is an important part of the corporate governance of our company. DTEK was one of the first in Ukraine to introduce a risk management practice, which uses a backstop that transfers risks that the company is not ready to manage on its own to its insurance policy”, said Oleksiy Povolotskiy, Director of Corporate Governance, Risk Management and Compliance at DTEK.
DTEK specialists, together with international players in the insurance market, developed a unified insurance program for all of DTEK Renewables’ plants. This has made it possible to conclude contracts with the involvement of the best international reinsurers with high international credit ratings (not lower than “A-” according to the S&P rating agency's scale).
“DTEK has once again demonstrated the high expertise of its team - for the first time, an insurance program of such complexity and volume has been successfully placed on the renewable energy market of Ukraine, involving international insurance markets. These projects make it possible to attract the best international practices in the field of risk management and reinsurance capacity to Ukraine, which ensures the reliable protection of business from frequent and large losses, reduces the volatility of revenues which accordingly contributes to the development of the country, as well as increases the confidence of international financial institutions", said Maris Kunickis, CEO of DTEK Renewables.
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