GCube, a renewable energy project underwriter, has launched a new data-powered insurance service that will use AI-led analytics and data sets to offer enhanced terms and reduced premiums for wind and solar operating companies.
Renewable energy insurance has, in the last 10 years, been characterized by significant losses, and the severity of claims has increased as wind and solar industries expand in scale. Renewable energy project operators are facing rising insurance costs.
GCube signed with Clir to leverage data from more than 200 GW of operating assets. Insurers will be better able to provide more accurate quotes, and thereby, in a move designed to support the sustainable growth of the renewables industry in the long term, GCube has signed with Clir to leverage data from over 200 GW of operating assets. By having Clir onboard a wind portfolio’s data set onto its platform, GCube can uncover the asset’s meteorological and operational loading, overall component health and reliability, and the impact of current operations and maintenance.
These insights give GCube clarity on its underwriting pricing and offer more competitive terms where operating projects model with lower risk factors.
“Insuring renewable energy has been a tumultuous process over the last decade,” said Fraser McLachlan, chief executive officer, GCube Insurance Inc. “Claims from equipment failure, natural catastrophe loss, and contractor error have forced some underwriters to exit the market. To continue to offer insurance at sustainable rates for clients, we need to have deeper insights into the risk of failure and operational management of renewable energy equipment.”
“By utilizing the data analysis from Clir, we can gain these insights at the quote phase in a unique and highly effective process, which benefits clients through a better understanding of their project risks, and, incentivises best practice in the operational asset management of wind and solar,” he said.
“It’s our belief at Clir that the only way to continue to drive a lower levelized cost of energy for renewables, is to positively influence the financial imperatives that drive renewable energy pricing — insurance, project acquisition, and power management,” said Gareth Brown, Clir’s chief executive officer.
“We’ve seen insurance in other sectors become more competitive, and better serve the needs of its clients, through utilizing AI-led approaches to data — be that telematics for motor insurance, or wearable technologies for health coverage — and it’s time that we harnessed the same value for the hugely important task of building and sustaining low carbon power generation,” McLachlan said.
More info www.gcube-insurance.com