Climate Insurance leader recognized for innovative property insurance solution that incentivizes resilience in renewable energy assets against increasing natural catastrophe threats
SAN FRANCISCO, October 22, 2024 - kWh Analytics, the market leader in Climate Insurance, has been awarded the Sustainable Insurance Initiative of the Year by InsuranceERM at their Climate and Sustainability Awards. This award marks the second consecutive year kWh Analytics has been honored by Insurance ERM, following their 2023 win for Climate and Sustainability Collaboration of the Year with capacity partner Aspen Insurance.
In 2023 alone, the U.S. experienced 28 natural disasters that caused $1bn or more in damage. In the face of increasing climate risks, exposed energy assets, such as solar, wind, and battery storage, require resilience against these perils to stay online. Renewable energy assets that are ‘resilient’ are specifically designed to withstand regional exposures, utilizing equipment tailored to local conditions. These projects actively prevent exposure to risks through proactive measures such as advanced monitoring systems, strategic siting, and robust maintenance protocols. As natural catastrophes become more frequent and severe, insurers and asset owners alike are recognizing the urgent need for solutions that not only protect investments but also encourage the development of more clean energy. kWh Analytics' approach directly addresses this growing industry concern by incentivizing and rewarding these resilience measures.
"By combining our unparalleled data, underwriting insights, and deep industry relationships, we're not just assessing risk – we're actively incentivizing resilience and sustainability in renewable energy projects," said Jason Kaminsky, CEO of kWh Analytics. "We’re honored to be recognized by InsuranceERM and our peers for our commitment to push the boundaries of what's possible in climate insurance."
Launched in 2023, kWh Analytics' property insurance solution for renewable energy assets has already expanded capacity limits and secured partnerships with five of the top ten global (re)insurance companies. The program leverages a proprietary database of over $100B worth of renewable energy loss data to conduct precise risk assessments and make informed underwriting decisions.
The program's unique pricing model incentivizes asset owners to implement climate-resilient practices. A recent case study demonstrated that a utility-scale solar project in hail-prone Texas achieved a 72% decrease in their property insurance natural catastrophe rate by implementing strong hail resilience measures, such as stowing panels against hail and using thicker, heat-tempered glass panels.
The continued growth of the renewable energy industry relies on collaboration across all stakeholders. By incentivizing resilience, kWh Analytics is playing its part alongside resilient equipment manufacturers, diligent operations and maintenance providers, and forward-thinking asset owners. Together, these stakeholders are creating a more sustainable future and accelerating the transition to clean energy.
ABOUT KWH ANALYTICS
kWh Analytics, a leading Climate Insurance provider, underwrites property insurance and revenue firming products for renewable energy assets. Our proprietary database of 300,000+ zero-carbon projects and $100B in loss data fuels advanced modeling and insights, enabling precise underwriting decisions. This data-driven approach incorporates resiliency measures in risk evaluation, promoting sustainable practices in the renewable energy sector.
Trusted by five of the top ten global (re)insurance carriers, we've insured over $30 billion in assets to date. Our tailored solutions further our mission of providing best-in-class Insurance for our Climate. Recognized by InsuranceERM Climate and Sustainability Awards, kWh Analytics continues to pioneer in the renewable energy insurance sector.
Learn more at https://www.kwhanalytics.com/, on LinkedIn, or X.
Media Contact
Nikky Venkataraman
Senior Manager, Marketing
kWh Analytics
E | nikky.venkataraman@kwhanalytics.com
T | (720) 588-9361