Property Damage, Breakdown and Business Interruption, Reinsurance
Renewables has been an ever-increasing market for insurers as we transition from coal and gas power generation, to lower the output of greenhouse gas emissions.
Renewable energy sources, such as solar and wind power, present unique challenges for insurers due to their variability and unpredictability.
Unlike traditional power sources, renewables tend to be more susceptible to adverse weather conditions, such as wind, hail, flood and lightning, making it difficult to predict and plan for potential losses.
Additionally, the human skillset and components used in renewable energy systems is in demand, making it difficult to source replacement parts and arrange repairs, triggering a potentially substantial business interruption claim.
Furthermore, renewable energy projects are often large-scale and can be located in remote or hazardous areas, increasing the potential for losses and claims.
RHP understand these risks through their experience of the market. We apply this knowledge to mitigate losses on each claim.