The Hartford has hired former Liberty Specialty Markets (LSM) head Tom Clifton as international head of power and renewables to launch the new product line.

Aviva, Axis and Munich Re are the only major (re)insurers that write more direct premiums for renewable energy than fossil fuel infrastructure, according to a new report by Insure Our Future, which slammed industry-wide underwriting of fossil fuels as “economically dubious”.

Colombian energy firm Celsia received a multi-million-dollar payout on its weather derivative program this year after a drought affected hydropower production in South America.

The renewable energy market is suffering from a shortage of “credible” lead capacity due to a lack of experienced underwriters and inadequate modelling, according to Julian Richardson, CUO of green solutions at Munich Re Specialty.

The increasing prominence of wind and solar power is exposing energy companies to more weather-related risks, which they are looking to transfer.

Geopolitical competition and growing global demand for lower-carbon technologies is likely to result in supply chain disruptions for lithium-ion batteries in the coming years, QBE Asia has warned, with rapid manufacturing developments likely outpacing regulations.

Carriers are increasingly embracing risks and exposures associated with battery energy storage systems (BESS), including the development of a revenue protection product, as underwriting loss data for other renewable technologies matures.

Organisations working towards net-zero emissions need to manage new physical and business risks that are not always easy to anticipate, according to discussions at the Ferma Forum in Madrid last month.

Lloyd's carrier Probitas has expanded into five new lines of business following its acquisition by UK insurance giant Aviva earlier this year.

Claims management specialist Crawford & Company has launched a renewable energy practice led by a team from Renewable Energy Loss Adjusters (RELA), including former CEO Alan Tucker.

Descartes Underwriting is offering a parametric tornado insurance cover to US solar farms using a trigger based on satellite imagery, rather than the Enhanced Fujita scale (EF-scale) more commonly used for parametric tornado products.

Creating financial resilience for sustained progress in renewable energy in Asia will require greater collaboration, research, external capital and a seat at the table for insurance.

Parametric insurance can serve as the “grease” to help get renewable energy projects off the ground, Chaucer’s Ed Byrns told a panel discussion at the inaugural

Axa XL is forming a cyber risk consulting team specifically for companies involved in renewable energy infrastructure as the growing ubiquity of clean energy assets and lack of cybersecurity controls in supply chains and mergers raise concerns over increasing vulnerability.

The number of renewables-focused MGAs has increased owing to their ability to underwrite the sector in a more nimble manner, according to Novagen’s Valeria Del Villano.