In Canada we know only too well about the impact of Mother Nature and strong winds – however, in modern times those winds can also have significant benefits too in terms of the energy they create. Of course, someone needs to provide insurance for this rapidly growing industry – and one company is proudly boasting about taking the lead.
Specialist renewable energy underwriter, GCube Insurance Services (GCube), has announced that it now provides coverage for over 4GW of Canadian wind assets. This figure is expected to increase in the coming months with the strong construction pipeline for new wind infrastructure in the country.
As of last year, and following the installation of a further 36 new wind energy projects, Canada sits seventh in the world in terms of total installed capacity. At just under 12 GW, wind energy currently caters for approximately 5% of Canada’s electricity demands. However, the country has a long-term aim to reach a capacity of 55GW by 2025, accounting for 20% of its total energy needs.
“We’re delighted to have reached this considerable milestone in underwriting a third of Canada’s wind market,” said Jatin Sharma, head of business development at GCube.
“Despite the challenges it’s faced, we’re confident that the Canadian market’s goals are achievable, and that we will continue to see further growth in the sector. Experienced risk and insurance managers understand the importance of supporting their colleagues to reduce unscheduled downtime and sustain profitability. This peer group, notably those that are expanding beyond wind into solar PV, has taken the greatest interest in GCube’s technical reports, which analyse lessons learned, emerging risks and key claims trends.”
Extreme weather-related risks, such as the recent wildfires in Alberta, can pose a serious threat to renewable energy assets. GCube’s
Cell, Interrupted report, released last month to the firm’s international community of insured clients and supporting brokers, reveals that close to 50% of all solar PV claims in the North American market can be attributed to extreme weather related events.
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