2023 continued the trend of increasing severe weather events, with 25 confirmed U.S. weather or climate disasters with losses exceeding $1 billion each (as of December 8). Growth in the renewable energy sector continues to be one of the most important ways of addressing the climate crisis, and renewable insurance markets are working overtime to adjust not only to climate-driven claim events, but also to the ever-increasing speed of technological innovation and emerging risks.

Throughout 2023, CAC Specialty has issued a four-part whitepaper series, in which we have provided essential information regarding key issues facing renewable energy and insurance.

Previous topics included:

• An overview of renewable energy insurance – why it is critical, what makes it challenging, and why there is a mismatch between what project stakeholders want in their insurance program and what insurers are willing to provide.
• A case study on the insurance market for battery energy storage technologies as a proxy for how the market navigates new technologies overall, including a playbook for the roles that each party, including brokers, sponsors, OEMs, insurers, and the financing community, can play to ensure insurance coverage is available for new risks.
• A peek behind the curtain at how insurance programs are structured and sublimits are determined for natural catastrophe coverage, and how this process can be improved upon.

In this final whitepaper, we offer key advice on how to ensure only the most resilient energy projects are developed, as more complex projects, increased natural catastrophe exposure, and new technologies converge.

To read the full whitepaper, click here. For further questions, please reach out to a member of our Natural Resources team.