Play the role of electrochemical energy storage insurance

The "Electrochemical Energy Storage Insurance Development Report" released a few days ago provides a detailed analysis of the development status, commercial application, and future trends of electrochemical energy storage insurance. As a mature market-oriented risk management tool, electrochemical energy storage insurance can help relevant enterprises to operate and develop, and it is also conducive to play a leading role in green insurance demonstration and contribute to the realization of the "dual carbon" goal.

Energy storage refers to the conversion process of storing energy through a specific medium and releasing energy when needed. Among them, electrochemical energy storage is the process of storing electrical energy through a medium or device and releasing it when needed. The popular explanation is the battery. The data shows that in 2021, the cumulative installed capacity of electrochemical energy storage in operation worldwide will exceed 25GW. For a long time, my country's electrochemical energy storage industry has developed rapidly, and the cumulative installed capacity of electrochemical energy storage has exceeded 5GW.

However, the development of the electrochemical energy storage industry is also subject to certain restrictions. For example, the electrochemical energy storage system may have many safety risks, and the battery power will be attenuated. In the process of rapid development of related products, it faces continuous upgrading and rapid changes, and involves a variety of complex risk factors. As a mature market-oriented risk management tool, insurance can play an important role in protecting the application of electrochemical energy storage.

First, insurance can provide companies with a means to transfer security risks. Electrochemical energy storage systems may present a number of safety risks. By purchasing electrochemical energy storage insurance, companies transfer potential safety risk accident losses and compensation liability to insurance companies, which reduces the impact of safety risks on business operations and is conducive to sustainable and stable operations.

Second, insurance can support the full-cycle operation of enterprises. Large-scale electrochemical energy storage systems have a large investment amount, and long-term quality assurance insurance can be used as a basic risk transfer mechanism and credit enhancement method to improve project bankability. Due to the high cost of electrochemical energy storage systems and emerging technologies, batteries have power attenuation characteristics. By introducing insurance, companies provide customers with long-term quality assurance and maintenance and replacement services, which is conducive to reducing after-sales service costs and establishing a good reputation and corporate image. .

Third, insurance is conducive to achieving ESG goals. Electrochemical energy storage insurance and services can cultivate the risk awareness of the insured enterprise and empower the overall risk management level of the enterprise. For the society as a whole, the after-sales service provided by insurance can promote the long-term use of batteries and the cycle of regenerated batteries, and reduce carbon emissions; in addition, electrochemical energy storage liability insurance can ensure that victims who suffer personal and property losses due to related accidents can receive timely compensate.

Globally, electrochemical energy storage insurance is still in its infancy. Foreign markets are trying to manage and disperse the battery performance degradation risk, construction risk, property risk, liability risk, etc. of electrochemical energy storage systems. The development of electrochemical energy storage insurance in China is relatively lagging behind. At present, the number of institutions that provide property all risks and liability insurance for electrochemical energy storage systems is very small, and it is urgent to expand. In the future, under the background of my country's development of green insurance, relevant institutions should further enhance their innovation capabilities, take advantage of data technology, and directly develop exclusive products for related fields, so as to provide high-quality insurance services for green industry customers.