solar power

Descartes Underwriting, a data-driven risk transfer specialist managing general agency (MGA) and insurer with a parametric focus, has launched what it calls the world’s most advanced parametric insurance product to protect utility-scale solar farms in the United States against damage from tornadoes.

Climate change is seen as a driver of higher frequency of damaging hail storm events according to specialty re/insurer Chaucer, who highlights a 267% increase in European hail storms in the past five years.

Parametric risk transfer and insurance solutions are gaining traction in the renewable energy marketplace, according to broker and risk advisor WTW.

ICAP, part of the TP ICAP group which is one of the largest interdealer brokers in the world, has completed what it is calling a landmark deal in the weather derivatives market, by directly connecting a renewable energy provider and a reinsurance capital provider using a fixed agreement, for the first time.

Nephila Climate, the climate solutions are of ILS fund manager Nephila Capital, and the Capital Solutions unit of Allianz Global Corporate & Specialty (AGCS), have again come together to provide a risk transfer solution to support a renewable energy project construction financing.

MSI GuaranteedWeather, LLC, a weather risk transfer focused subsidiary of MS&AD’s Mitsui Sumitomo Insurance Co., Ltd. (MSI), has developed a dual-trigger weather derivative product to help a renewable energy producer hedge the effects of two weather variables at the same time.

Nephila Climate, the recently launched weather and climate risk focused unit of ILS and reinsurance investment giant Nephila Capital, has completed a new transaction along with its often partnering insurer Allianz, which is the first solar farm proxy revenue swap transaction.

A report published today by reinsurer Swiss Re looks at the growing energy markets, how they are forecast to change and grow as renewable energy sources become ever more important and policy begins to reflect climate science and how they will require financing and risk transfer solutions. The report identifies a growing opportunity for reinsurers, […]