Jason Kaminsky
CEO. kWh Analytics – Climate Insurance for Renewable Energy Assets
August 7, 2024
The 2024 Solar Risk Assessment report has sparked a lively discussion among industry professionals about the evolving landscape of renewable energy insurance. To facilitate a deeper exploration of the report’s findings, our team at kWh Analytics convened its inaugural Broker Council, bringing together leading brokers specializing in solar and renewable energy insurance. The council provided a platform for these experts to share their reactions to the report, discuss the implications for the industry, and identify actionable takeaways for stakeholders. The Broker Council meeting was hosted by Geoffrey Lehv of kWh Analytics and consisted of the following participants: Rob Battenfield (Amwins), Todd Burack (McGriff), Mike Cosgrave (Renewable Guard), Stephanie Coveney (Brown & Brown), Matt Giambagno (Marsh), Sara Kane (CAC Specialty), and Alex Morris (WTW).
Emphasizing Equipment Resiliency in the Face of Extreme Weather
The brokers at the council agreed with the Solar Risk Assessment report’s emphasis on the growing impact of extreme weather events on renewable projects. Todd Burack, ARM, CRIS from McGriff highlighted the importance of technological resiliency, stating, “Most of the recent discussions I’ve been a part of with asset owners have gravitated towards technological resiliency. Modeling plays a tremendous role, but I think many carriers who’ve written some of the marquee (hail) losses from the past few months will agree that the losses occurred on projects that actually modeled quite favorably. Many carriers are still playing ‘modeling catch-up,’ and the nature of extreme weather is that it’s hard to predict.”
Takeaway: To mitigate the risks posed by extreme weather events, project stakeholders should adopt a comprehensive approach to risk management that includes careful partner selection, investment in defensive equipment capabilities, and the development and implementation of well-defined operational procedures.
