Munich Re and World Bank Unit to Develop Geothermal Exploration Risk Insurance (Business Insurance)
Munich Reinsurance Co. and International Finance Corp., a member of the World Bank Group, are collaborating to develop and pilot geothermal exploration risk insurance in Turkey in order to reduce exposure to unproductive wells, Balkans reported.
One of the key barriers faced by geothermal developers in Turkey and the world is the high exploration risk, Patrick Luternauer, IFC's regional business line manager for sustainable business advisory, said. The geothermal exploration risk insurance will bring in more international investments in geothermal energy by providing greater investment security, he added.