There is a second meeting scheduled for July when Mike Peel of RWE Power is going to speak about business continuity. Among the issues discussed at the inaugural meeting were:
- business interruption exposures and the volatility of power markets
- generic issues of concern with operational plant
- levels of insurance cover and deductibles
- broker fee structure and transparency of broker remuneration
- risk surveys and risk benchmarking
- compliance-regulated business issues.
- wind farms, turbines, new technology and environmental issues.
The group wants to formulate a series of points and issues which members would like the insurance market - brokers, insurers or loss adjusters - to address. It is keen for the market to understand the needs of power businesses and respond to what risk managers want. At the same time, the group agreed it should not only focus on insurance issues, but should also consider operational risk matters. The forum is going to decide what its members regard as priority issues for future discussion.
