GCube has launched a new data-powered insurance offering to support the growth of the renewable energy industry, with support from Clire, a company dedicated to maximizing project returns from renewable energy assets.
The offering will leverage AI-led analytics and data sets to offer enhanced terms and reduced premiums for wind and solar operating companies.
By having Clir onboard a wind portfolio’s data set onto its platform, GCube will aim to uncover an asset’s meteorological and operational loading, overall component health and reliability, and the impact of current operations and maintenance.
These insights will give GCube clarity on its underwriting pricing, and offer more competitive terms where operating projects model with lower risk factors.
“Insuring renewable energy has been a tumultuous process over the last decade,” said Fraser McLachlan, Chief Executive Officer, GCube Insurance Inc.
“Claims from equipment failure, natural catastrophe loss and contractor error have forced some underwriters to exit the market. To continue to offer insurance at sustainable rates for clients, we need to have deeper insights into the risk of failure and operational management of renewable energy equipment.”
“By utilizing the data analysis from Clir, we can gain these insights at the quote phase in a unique and highly effective process, which benefits clients through a better understanding of their project risks, and, incentivises best practice in the operational asset management of wind and solar.”
Gareth Brown, Chief Executive Officer at Clir, also commented: “It’s our belief at Clir that the only way to continue to drive a lower levelized cost of energy for renewables, is to positively influence the financial imperatives that drive renewable energy pricing – insurance, project acquisition, and power management.”
“By leveraging the insight from our artificial intelligence (AI) platform, and benchmarking against the 200GW of renewable energy operational data we have, we can work with GCube to help their underwriters better understand renewable energy portfolio risks, going so far as to give a probability risk value of asset failure for specific projects.”
McLachlan added: “We’ve seen insurance in other sectors become more competitive, and better serve the needs of its clients, through utilizing AI-led approaches to data – be that telematics for motor insurance, or wearable technologies for health coverage – and it’s time that we harnessed the same value for the hugely important task of building and sustaining low carbon power generation.”
GCube, a member of the Tokio Marine HCC group of companies, is an insurer of renewable energy projects in wind, solar, wave, hydro and tidal around the globe.