July 14, 2024
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OIL & GAS RENEWABLE ENERGY

Karachi: Experts Highlight Importance of Insurance in the Energy Sector

Experts in Pakistan have explained how crucial insurance is in the sustainable development of energy resources, including poer, oil and gas, aimed at promoting investment opportunities, in­novations, and efficiencies within the sec­tor.

At the recent energy summit in Karachi, Chair­man Lockton MENA Ata Khatib said that the energy sector is transforming globally through innovation and technology to ad­dress the requirements of economies, keeping in view the overriding challenge of global warming and climate change.

He explained the importance of insurance in attracting sustainable development in the energy sector. The insurance of the energy sector, including power plants and re­fineries, is indispensable in compliance with international standards, giving confidence to foreign investors in the Pakistani market on a long-term basis, he said. He added that insurance gives investors confidence by offering assurance against risks and uncertainties.

Dr. Jason Shirely, General Manager of ECP and Chemical Professionals explained the importance of insurance in mitigating the the effects of climate change, resulting in losses to power sector infrastructure, which Pakistan is vulnerable to. He said insurance will provide the financial security necessary for sus­tainable energy projects.

Vice President of Lock­ton MENA, Zainab Khatib, said that insurance stimulates innovation and promotes the adoption of new technologies in the sustainable energy sector. Through collaborations with insurers and energy companies, challenges of renewable energy can be figured out, thereby, driving effi­ciency, sustainability, and growth.

 

 

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