GCube Insurance has warned US insurers and asset owners must change their expectations around renewable energy risks, with claims in the market increasing in frequency and seriousness. Also, design issues in some uncertified models are resulting in equipment failure. The clean energy specialists believe this rise over the last five years is a result of extreme weather worsening, as well as component vulnerability, faulty designs and switching original equipment manufacturer warranties. “While there are no hard data on how much damage wind turbines cause to buildings, it seems clear that they can be very damaging for buildings when they fall down,” said Dr David Jones, director of It agreed the insurance market had not kept up with renewables’ growth and recommended all parties involved engage in greater dialogue.
GCube Insurance has warned US insurers and asset owners must change their expectations around renewable energy risks, with claims in the market increasing in frequency and seriousness. The clean energy specialists believe this rise over the last five years is a result of extreme weather worsening, as well as component vulnerability, faulty designs and switching original equipment manufacturer warranties. “While there are no hard data on how much damage wind turbines cause to buildings, it seems clear that they can be very damaging for buildings when they fall down,” said Dr David Jones, director of It agreed the insurance market had not kept up with renewables’ growth and recommended all parties involved engage in greater dialogue.