Renewable energy projects are facing a direct impact from COVID-19 through decreased working patterns and business interruption. And the sector could also face rate hikes from their insurers and potential gaps in coverage depending on policy wordings.
“We are certainly being more diligent now as the virus could drive up premiums in the renewable insurance space.” Fraser McLachlan, CEO of GCube Underwriting.
- COVID-19 could make renewables projects more expensive to insure
- Many business interruption policies lack extensions for infectious disease
- Virus’s disruption of supply chains impacting renewables
- China is a huge producer of solar panels and turbine blades
COVID-19 is having a profound impact on international supply chains, which is likely to hit renewable energy projects hard - and make them more expensive to insure.
GCube Underwriting, Renewable Insurance, Coronavirus, Insurance, Reinsurance, Fraser McLachlan, UK