GCube, an underwriter for renewable energy projects and member of the Tokio Marine Group, has officially launched in Australia, offering a range of products to meet the risks faced by local renewables developers.
GCube products will now be underwritten on locally authorised paper issued by Tokio Marine & Nichido Fire Insurance Co Australia (TMNFA).
Fraser McLachlan, CEO of GCube, commented, “As we continue our ongoing global expansion, set out in 2022, GCube has firmly established itself in the local Australian market.
“The faster decision-making that writing on local paper facilitates means that the company can improve its service to existing Australian clients and offer that same, high-quality service to a broader range of projects in the country.”
GCube notes that changing political headwinds in Australia, both at the State and Federal level, are driving significant demand for renewables in the country.
It adds that as the local market grows, so do the risks faced by local renewables developers, asset managers and investors, and the subsequent need for coverage required to mitigate those risks.
Further, the firm suggests that increasingly severe natural catastrophes, such as the recent hail losses and floods in the South-East, as well as persistent supply chain challenges and global inflationary pressures, mean that it’s now more important than ever to merge international underwriting expertise with local knowledge and capacity.
William Hiller, Underwriter, GCube Insurance, said, “There is currently significant potential and appetite for renewable energy projects across Australia. But the country’s unique environment and varying climatic conditions pose unique risks.
“GCube’s new local office will enable our specialised team to help a wider range of customers mitigate those risks and positively support the sector, as it moves into its next phase of growth and market development.”
Having supported the Australian market from London for 15 years, GCube sees this announcement as representing another key milestone for its business expansion.
The firm says it will now “ramp up” its regional presence, seeking to support a wider variety of insureds, and build out its local customer base.
