Renewable Energy Premiums on the Rise: kWh Analytics Partners with Aspen Insurance to Launch Property Insurance
Utilizing its proprietary database of over 300,000 renewable energy assets. kWh Analytics’ new solution to underwriting risk offers much needed capacity to meet the rapid growth of generating facilities
SAN FRANCISCO--(BUSINESS WIRE)--
kWh Analytics, the industry leader in Climate Insurance, announced today the launch of their highly anticipated Property Insurance for renewable energy assets with capacity partner Aspen Insurance. This 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, utilizing kWh Analytics' proprietary database of over 300,000 renewable energy assets.
“The shift to a decarbonized economy is the largest macroeconomic revolution of our generation, and insurance will play a critical role in securing its future. Recognizing 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,” said Jason Kaminsky, CEO of kWh Analytics. “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 utilize our data to accurately price risk transfer products.”
“Aspen partners with only the highest quality program managers that can offer competitive products to our client base,” commented Josh Jennings, Head of Inland Marine and Property Programs at Aspen Insurance. “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.”
In addition to its insurance products, kWh Analytics is leveraging data to encourage resilient design practices. By evaluating historical operating data, the company is able to identify the most common failure modes among existing solar PV projects. The findings, which are incorporated in the Property Insurance underwriting, will be distributed to the company’s clients and broadly to manufacturers, operators, carrier partners, and investors to reinforce the further development of sustainable solar projects.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A” (“Excellent”) by A.M. Best Company Inc. and an “A-” (Strong) by Standard & Poor’s Financial Services LLC. For more information about Aspen, please visit www.aspen.co.
ABOUT kWh Analytics
kWh Analytics is a leading provider of Climate Insurance for zero carbon assets. Utilizing their proprietary database of over 300,000 operating renewable energy assets, kWh Analytics uses real-world project performance data and decades of expertise to underwrite unique risk transfer products on behalf of insurance partners. kWh Analytics has recently been recognized on FinTech Global’s ESGFinTech100 list for their data and climate insurance innovations. The Solar Revenue Put production insurance protects against downside risk and unlocks preferred financing terms, and Property Insurance offers comprehensive coverage against physical loss. These offerings, which have insured over $4 billion of assets to date, aim to further kWh Analytics’ mission to provide best-in-class Insurance for our Climate. To learn more, please visit https://www.kwhanalytics.com/, connect with us on LinkedIn, and follow us on Twitter.