San Francisco-based data analytics and insurtech firm kWh Analytics has partnered with Aspen Insurance to launch property insurance for renewable energy assets.
The US’s blocked solar supply chain combined with the threat of operational modules being damaged by extreme weather could leave project developers and asset owners at risk of revenue loss as replacement equipment becomes hard to source.
Current testing for solar modules is inadequate to account for the rising severity of extreme weather events in North America, according to a report from renewable energy project underwriter GCube Insurance.
Supply chain woes, spiralling energy prices and the COVID-19 pandemic have reversed the downward trend in average business interruption (BI) claims for renewables developers, with sector-wide average business downtime days up by 38% on 2016.
Last year analysis by renewables performance aggregator and insurance provider kWh Analytics highlighted the extent of solar asset underperformance against P50 estimates in the US. Here, the company’s Sarath Srinivasan details some of the reasons behind that underperformance.
Solar asset insurer kWh Analytics has raised US$20 million for business expansion and developing additional solutions to support solar and storage asset owners.
Prior to 2019, there was an ample number of insurers willing to provide renewable energy insurance, leading to plentiful, affordable cover being available for solar power project finance transactions. However, with increased claims and risks, price rises and lower availability of cover is impacting the sector. Duncan Gordon, head of Renewable Energy at specialist energy insurance brokerage and risk management firm Gallagher, provides an overview of how solar power project owners can navigate a challenging insurance market.
The performance of US solar assets against P50 estimates worsened over the last decade, new analysis has shown, prompting calls for the use of real-world data-driven benchmarks when financing new projects.
The US solar industry could face significant losses this summer unless steps are taken to mitigate wildfire risk over the coming months, renewables underwriter GCube has warned.
In the face of rising materials costs and natural disasters impacting output, solar manufacturers should heighten their focus on insurance placement to protect against large losses, a Chinese insurance broker has told PV Tech.
