130 views
Ronak Shah, QBE Singapore CEO

QBE Insurance wins big for innovative insurance plan at SBR Management Excellence Awards

Its engineering risk cover for Singapore’s largest floating solar farm landed them the award.

Solar energy is Singapore’s most viable renewable energy source, but locating large-scale traditional solar facilities is challenging due to the country’s dense urban landscape and limited land availability.

Using the country’s large reservoir surface area to serve the dual purpose of water catchment and electricity generation, Tengeh Reservoir’s large-scale floating solar photovoltaic (PV) system is a first of its kind in the region, positioning Singapore as one of the few countries in the world to integrate green technology with water treatment.

With an area of about 45 football fields, the floating solar farm located at Tengeh Reservoir on the west coast of Singapore is one of the world’s largest inland floating solar PV systems.

Floating solar farms were found to be more efficient than conventional rooftop solar farms due to the cooler reservoir environment. The completion of the facility can help reduce the nation’s dependence on fossil fuels and help build Singapore’s climate resilience for a more sustainable future.

Photo Source: https://www.sembcorp.com/en/media/multimedia-centre/multimedia-Details-video?bannerId=17644

Given its experience in renewable energies like solar, wind and energy storage systems, and having already worked on similar projects in Singapore, Korea and Vietnam, the QBE Insurance (Singapore) Pte Ltd. team already had a good base to conduct due diligence.

The project is also well aligned to QBE’s goal to advance the UN Sustainable Development Goals (SDGs) and is another example of how QBE is continuing to support its customers in their transition to a low-carbon economy and manage the risks associated with climate change.

For its innovative engineering risk cover, QBE Insurance (Singapore) Pte Ltd. received the Innovator of the Year - General Insurance award in the recently concluded Singapore Business Review Management Excellence Awards. The annual awards programme recognises excellent executives, innovators and teams, as well as HR and company initiatives that promote the well-being of employees.

In consideration of the award, three achievements were highlighted by the awarding body.

First is QBE being chosen as the lead risk insurer for Singapore’s largest floating solar farm. This reflects acknowledgment of QBE’s standing in Asia as an expert engineering insurer.

Second is having a clear sustainability agenda including a strong desire to support projects that build resilient communities.

Third is for having an engineering team that is highly regarded by brokers and insurers in the market and considered to play a leading role in the local industry.

The QBE Singapore team has technical knowledge and experience in renewable energy having previously worked on similar projects in Singapore, Korea, Malaysia and Vietnam, as well as Europe and the Americas for over 15 years.

In addition to having a strong global presence, QBE has built a good reputation in the market and is well recognised as a premium brand for having had operations in Singapore for 130 years.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

C&W Services transforms headquarters into a ‘living lab’
The new office is set to be the ground for the firm’s new facilities management technologies.
How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.