{"id":135219,"date":"2024-11-08T07:30:34","date_gmt":"2024-11-08T05:30:34","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/renewable-energy-offers-a-cost-and-opportunity-to-insurance-sector\/"},"modified":"2024-11-08T07:30:34","modified_gmt":"2024-11-08T05:30:34","slug":"renewable-energy-offers-a-cost-and-opportunity-to-insurance-sector","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/renewable-energy-offers-a-cost-and-opportunity-to-insurance-sector\/","title":{"rendered":"Renewable energy offers a cost and opportunity to insurance sector"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/135219\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\n<p>Policyholders in the renewable energy insurance market are paying between 20%-40% more for cover today than a year ago as insurers seek to recover the cost of &#8220;devastating claims&#8221; in regions hit by natural catastrophes, industry sources say. Unpredictable weather patterns have exposed weaknesses in the models used to price risk as golf ball-sized hailstones on solar panels and lightning strikes on wind turbines have left insurers with much bigger bills than expected.<\/p>\n<p>Climate scientists have said violent weather is more likely because of global warming that COP29 climate talks will seek to address in Baku next week. &#8220;Insurers have learnt the hard way in the last three-to-four years, there have been some devastating claims,&#8221; Alex Nelson, class underwriter at Lloyd&#8217;s insurer Chaucer, said, referring to renewable energy insurance. There is an opportunity as well as a cost, especially as insurers pass on their liabilities to clients. They can at the same time fend off some of the pressure from investors to improve their Environmental, Social and Governance (ESG) credentials.<\/p>\n<p>As a result, while some insurers have stopped home insurance in some catastrophe-hit areas, more are offering cover for renewables. &#8220;It enables them to carry on supporting the energy sector by saying they&#8217;re supporting the energy transition,&#8221; Tom Sexton, head of renewables and energy at broker McGill and Partners, said. New entrants into renewable energy insurance in recent months have included global property insurer FM, Fidelis unit Novagen and energy insurer Volt Underwriting.<\/p>\n<p>Lloyd&#8217;s insurer Beazley (BEZG.L), opens new tab said it started direct underwriting of renewable energy this year. Major insurers Allianz (ALVG.DE), opens new tab, Hiscox (HSX.L), opens new tab and Zurich also told Reuters the market was growing. UK commercial insurers outside Lloyd&#8217;s of London (SOLYD.UL) saw their premium income from renewable energy insurance jump 43% in 2023, to 532 million pounds ($690.7 million), the International Underwriting Association said. Lloyd&#8217;s of London also said its renewable energy sector grew in 2023.<\/p>\n<p><a rel=\"noopener\" href=\"https:\/\/www.reuters.com\/business\/energy\/renewable-energy-offers-cost-opportunity-insurance-sector-2024-11-07\/\">Read more&gt;&gt;<\/a><\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.reuters.com\/business\/energy\/renewable-energy-offers-cost-opportunity-insurance-sector-2024-11-07\/\">Reuters<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/renewable-energy-offers-a-cost-and-opportunity-to-insurance-sector\/\">Renewable energy offers a cost and opportunity to insurance sector<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[555,16860,834],"class_list":["post-135219","post","type-post","status-publish","format-standard","hentry","category-news","tag-csr-news-en","tag-insurance-sector","tag-renewable-energy"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/135219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=135219"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/135219\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=135219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=135219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=135219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}