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Daily Insurance Industry News
Monday 21st of May 2018
July 4, 2011

Exorka, Marsh, Munich Re cover geothermal project

by Richard Kilner

Story link: Exorka, Marsh, Munich Re cover geothermal project

Project developer Exorka, insurance broker Marsh and Munich Re have collaborated together to create an insurance offering that protects against the exploration risk of a geothermal energy project in Taufkirchen.

There are a range of renewables energy sources, amongst the most promising of which is deep geothermal energy.

However, geothermal is sometimes held back by the extensive drilling and high costs which mean investment can be a barrier to projects.

Up to four wells are planned for the Taufkirchen site, at a cost of €35m each.

Munich Re was brought in due to the firm’s expertise in the area, having established a dedicated geothermal energy team eight years ago.

Munich Re Board member Thomas Blunck explained that the firm saw climate change as both a strategic risk, and an opportunity for new technologies and fresh growth potential.

 

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