Aspen partners with climate insurer
San Francisco-headquartered kWh Analytics, the climate insurance company, has partnered with Bermudian-based Aspen Insurance to launch a property insurance programme for renewable energy assets.
Aspen is to be the capacity partner for the programme.
The new product, which provides coverage against physical damage for solar and other renewable projects, introduces much needed capacity to a rapidly growing industry at a time when traditional carriers are tightening their portfolio exposure.
Recent years have seen reduced limits and substantial cost increases for asset owners, with a need for new solutions to managing and underwriting risk.
kWh Analytics Property Insurance brings new sophistication to the assessment of property risk and exposures for renewable assets, utilising kWh Analytics' proprietary database of more than 300,000 renewable energy assets.
Jason Kaminsky, the CEO of kWh Analytics, said: “The shift to a decarbonised economy is the largest macroeconomic revolution of our generation, and insurance will play a critical role in securing its future.
“Recognising that this transformation requires a new approach to pricing, managing and ultimately mitigating the new risks of the clean energy asset class, kWh Analytics is committed to underwriting products that enable the financing of renewable assets.
“Our new property product is a natural extension of our platform, and we are pleased to partner with Aspen to bring it to market as we continue to utilise our data to accurately price risk transfer products.”
Josh Jennings, the head of Inland Marine and Property programmes at Aspen, said: “Aspen partners with only the highest-quality programme managers that can offer competitive products to our client base.
“We are proud to expand our offerings for renewable energy clients in support of the energy transition by partnering with kWh Analytics and their data-driven underwriting capabilities. Renewable energy is a growing segment complementary to our existing property insurance offerings.”
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