With this augmentation, kWh Analytics can now underwrite up to USD$75 million per location for renewable energy projects and has been granted full delegated authority to cover accounts encompassing up to 100% of operational solar and/or battery energy storage systems (BESS) projects, along with up to 50% of wind and/or construction accounts.
This capacity increase follows kWh Analytics’ partnership with Aspen established a year ago, aimed at launching property insurance underwriting and capacity for renewable energy assets in January 2023. In addition to this enhancement, kWh Analytics and Aspen have now onboarded four of the top ten global (re)insurance partners onto their panel.
In recent years, renewable asset owners have faced shrinking limits and significant cost hikes, highlighting a pressing need for novel approaches to manage and insure against risks. Drawing on its extensive database comprising over 300,000 renewable energy assets, kWh Analytics offers tailored risk transfer solutions, accurately pricing and underwriting unique products while incentivising asset owners to adopt resilience measures.
Earlier this year, kWh Analytics introduced a microcracking endorsement specifically designed for solar assets, streamlining the insurance claims process for damages often challenging to assess.
Beyond its insurance offerings, kWh Analytics uses data to promote resilient design practices and pinpoint prevalent failure modes in existing solar PV projects. These insights, integrated into property insurance underwriting, are disseminated to clients and stakeholders including manufacturers, operators, carrier partners, and investors, fostering the advancement of sustainable renewable energy projects.
Commenting on the collaboration, Jason Kaminsky, CEO at kWh Analytics, said: “This capacity raise is a strong indicator of confidence in our company’s data and sophisticated modeling capabilities and the industry’s desire to encourage resilient renewable assets. Adding capacity enables us to expand coverage options for responsible asset owners, supporting renewable energy growth amidst worsening natural disasters by incentivizing resilience and bridging the protection gap.”
Josh Jennings, SVP and Head of Inland Marine at Aspen Insurance, also commented, saying: “kWh Analytics’ data-driven approach is consistent with Aspen’s future-focused underwriting strategy, and we’re delighted to continue our collaboration to meet our clients’ evolving needs with innovative renewables solutions.”
He added: “This increased capacity provides additional options for asset owners who are proactively designing, building and maintaining resilient assets, and it further strengthens our commitment with kWh Analytics to offer solutions for the growing demands of the renewable energy market.”
