Shining a light on solar-energy risk
Insurance Speak
The solar power business is on a longtime upswing.
Consider these significant benchmarks:
- The U.S. saw a 55% increase in year-over-year solar capacity during the first two quarters of 2024, according to the U.S. Department of Energy.
- In August 2024, the U.S. generated 36% more solar electricity a day than the same period in 2023, Solar Reviews reports.
- In 2023, more than 360,000 U.S. employees worked on solar, which was a 5.3% increase from the previous year, the DOE reports.
This segment of the renewable energy market is so hot that insurance outfits have been challenged to gather enough data in order to effectively price and protect solar-energy risks.
Enter the annual Solar Risk Assessment conducted by KwH Analytics, which is focused on insurance for the renewable energy market. Its Solar Risk Assessment 2024 gathers data and thought leadership from around the solar energy business in order to provide insight into the evolution of this risk and its insurance needs.
On this episode of Insurance Speak, KwH Analytics CEO Jason Kaminsky talks about the research, which was compiled to provide investors, insureds and insurance organizations with the necessary information to develop solar-facility risk mitigation strategies.
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