Provision of green goods and services to support development of sustainable energy

In response to national development policy - low carbon lifestyle

To echo the government’s energy transformation policy, Fubon Insurance has also responded to the growing emphasis on renewable energy in national energy policies by supporting the development of Taiwan’s green energy sector. In 2018, it set up a "Green Energy Insurance Task Force" dedicated to the wind and solar power industries to provide clients engineering insurance, property insurance, financial insurance and various types of liability insurance for different stages of power projects. At the same time, loss control engineers conduct risk identification, analysis and evaluation for clients based on the client’s actual insurance requirements and Fubon’s underwriting experience. The engineers also use disaster models to quantify underwriting risk, which informs viable risk improvement recommendations and solutions. Through these efforts, customized risk transfer strategies and loss prevention programs are developed for clients that make the most effective use of insurance to diversify and manage risk.

Fubon Insurance not only participates in onshore and offshore wind power insurance planning, but also proactively conducts research on the risks in the upstream and downstream industry chain and sends staff to study abroad. As the first insurance firm in Taiwan with the Basic Safety Training Certificate issued by the Global Wind Organization (GWO), Fubon Insurance is able to leverage its risk perception on offshore operation and labor protection knowledge to assist local equipment suppliers and subcontractors in creating a safe operating environment for offshore wind turbines, and make contributions to develop policies for the offshore wind power industry regarding clean energy.

Environmental Pollution Liability Insurance

Fubon Insurance responded to the UN's sustainable insurance principles and launched the "Environmental Pollution Liability Insurance" to enhance the industry's awareness of environmental protection, and protect companies from sudden and gradual pollution and cleanup and remediation costs as well as third-party claims due to the pollution they created.High soil and water remediation expenses affect companies' continuous operations. The "Environmental Pollution Liability Insurance" is the first step for implementing ESG governance for companies to protect the environment.

In response to the "Administrative Measures for Preventing Storage System Pollution of Groundwater Facilities and Monitoring Equipment Installation" strengthening storage material management and expanding applicable industries, Fubon Insurance will adjust the scope of product insurance to include all areas of gas stations or factories, or individual tanks, provide relevant industry operators with cleanup and pollution remediation cost protection, and reduce operational risks for enterprises, and contribute to a friendly environment.

Green Energy Loss Control Performance - Solar Power Industry Risk Research

Fubon Insurance started to make research by putting manpower to the rooftop solar power field. It has helped customers to develop all the way till today through continuous risk researches on water surface, coastal, subsidence and large-scale (≥ 2.5 billion) cases.

In the wake of the two typhoons, Soudelor and Dujuan, that sequentially dealt a heavy blow to the solar PV industry of Taiwan in 2015, Fubon Insurance immediately set up a project team consisting of loss control, claims and underwriting personnel and partnered with the Industrial Technology Research Institute for investigation and research into the cause of disasters to develop a risk assessment matrix for grading wind resistance based on different structures, materials and construction methods. This matrix not only served as a basis to quickly identify risks at underwriting, but also led the solar industry to value structural safety. The solar energy project insured by Fubon Insurance saw a dramatic drop in losses despite a level-17 wind speed of Meranti in 2016, signaling a marked improvement in the ability to withstand disasters.