A Year In Review: Media Highlights of 2019

GCube regularly contributes commentary and insight to the renewables, financial and insurance press. As the longest-running insurance provider in renewables, we are proud to share our expertise and perspectives for the benefit of the sector.

 

In 2019, key themes explored have included the sector’s continuing response to and redefinition of ‘Nat Cat’ events, rising awareness of cyber-attacks in the renewables space and the need to innovate around the claims process as technological and geographical expansion continue to create new risks. Below is a selection of our 2019 highlights.

 

January

Project Finance International

Rob Bates, GCube Underwriter, outlines the new risks faced by investors as offshore wind farms continue to expand geographically. In this piece, Rob explains the main causes of offshore wind claims such as cable and foundation challenges and the development of new technology such as floating offshore wind.

 

February

Recharge

Fraser McLachlan, GCube CEO, highlights the need for renewables to prepare for unseasonal extreme weather damage with wildfires and hurricanes occurring more frequently outside of expected times and with increasing severity.

 

March

Insurance Day

Stuart Burchell, GCube Chief Underwriting Officer, is interviewed by Insurance Day in late March. In this piece, Stuart outlines the need for underwriting expertise and greater preparation from insurers as Nat Cat losses occur more frequently outside of identified risk zones.

 

April

Insurance Journal

Jatin Sharma, GCube President, shares his perspective on how the U.S renewable energy market should ‘reset the risk benchmark’ off the conclusions of GCube’s Advisory Council. In this piece, Jatin highlights how accelerated build times and design challenges have significantly increased the frequency and severity of claims.

 

May

Insurance Day

Fraser McLachlan, GCube CEO, contributes his perspective on how the renewable energy market should ‘reset the benchmark for renewable energy risk’. In this piece, he highlights the need to adjust expectations of “normal” risk based off historical data and risk zones based off traditional paths, in the wake of increasingly extreme and unusual weather patterns.

 

June

Risk & Insurance

With increasing and damage caused to solar and wind farms, Fraser McLachlan, GCube CEO, outlines the factors such as technology size, contractor error and Nat Cat events which are causing investors to reconsider investing in the renewable energy space.

 

Risk and Insurance June coverage

 

July

Global ReInsurance

Jatin Sharma, GCube President, argues that wind cost reduction must not come at the expense of risk management. With investors becoming increasingly exposed to technical and supply chain risks, Jatin discusses how more sustainable approaches to risk management and insurance are required to mitigate risk.

 

August

Recharge

Rob Bates, GCube Underwriter, highlights the key claims trends that have emerged as cost cutting, coupled with global expansion, has left the offshore wind industry vulnerable to large-scale financial losses.

Recharge August coverage

 

September

InsideFAC

GCube bolsters its European presence with the expansion into new offices in the Netherlands and the appointment of Andries Veldstra and Elkahadir El Hammdaoui as senior underwriters.

 

October

Insurance Insider

Fraser McLachlan, GCube CEO, is interviewed by Insurance Insider in early October. In this piece, Fraser shares his insights into the causes behind the hardening insurance market as demand for renewable energy insurance increases.

 

November

Windpower Monthly

In light of the cyber-attack on US renewable energy company in March 2019, Geoff Taunton-Collins, GCube Senior Analyst, speaks to Windpower Monthly on the growing and under-reported cyber threat to the renewable energy technology.

 

December

Insurance Insider

GCube appoints Brian Tyluki as senior vice president to its New York office, in order to bolster US operations for the coming year.

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