News & Company Updates
PROPERTYCASUALTY360 PODCAST
“THE CURRENT SITUATION: INSURANCE TRENDS IN RENEWABLE ENERGY”
Join us for a deep dive into power and renewables underwriting trends in 2024 with Sara Kane on PropertyCasualty360’s Insurance Speaks Podcast. Sara, head of our Power & Renewables Practice at CAC Specialty, shares essential insights from our 2nd Annual Underwriter Survey. Discover how the Cirrus Advisers report is reshaping the landscape of insurability understanding in the industry.
VIEWS FROM THE FRONT LINES: KEY INSIGHTS FROM SECOND ANNUAL RENEWABLE ENERGY UNDERWRITER SURVEY
Cirrus’s mission is to connect the players involved in the renewable energy insurance and risk management value chain. Properly incorporating underwriting insights in early-stage project development is essential to ensure resilient, profitable projects are developed. Cirrus seeks to amplify how insurers view projects relative to current trends in siting, claims and technology innovations and move that information “up in time” to help guide development decisions.
For our Second Annual Key Renewable Energy Underwriter Insights whitepaper, Cirrus again asked underwriters to advise, update, and rank their feedback on how elements of design, construction, operations, and loss history impact their underwriting decisions, specifically focusing on solar, wind, and battery energy storage operations (BESS).
This year, we received responses from 15 underwriters across 10 insurers – an increase of 150% over our prior report. Included here are some key takeaways from this updated survey.
VIEWS FROM THE FRONT LINES: KEY INSIGHTS FROM FIRST ANNUAL UNDERWRITER SURVEY
Cirrus exists to bridge the gaps between renewable energy industry participants involved in the insurance and risk management value chain. Our premise is that proper incorporation of insurability considerations in the planning and development stages is essential in building resilient, profitable projects.
As part of our mission, in Q4 2022, the Cirrus team conducted its first annual Renewable Energy Underwriter Survey with the aim of bringing insurer feedback “up in time” so that it can be considered and incorporated earlier in the project lifecycle.
We asked underwriters to advise on how elements of design, construction, operations and loss history impact their underwriting decisions, with specific focus on solar, wind and battery energy storage operations.
Included here are some key takeaways from our survey. They proved accurate as we continued to navigate a challenging insurance market during the 2023 renewal cycle. We hope they prove useful as insureds embark upon ambitious 2023 construction targets.