How to win business in the booming renewable energy market in 2024

Picture the scene. The blades of a wind turbine laid out across four football pitches. This is the area covered by the new generation of super-sized wind turbines blades. They have rotor diameters exceeding 200m.

These giant wind turbines and advancements in technology are one of the reasons why the worldwide renewable energy market is booming.

The International Renewable Energy Agency forecasts global renewable energy capacity to double by 2030, reaching 4,800 GW (gigawatts).

The growing renewable energy market is an exciting prospect for the insurance industry, which has expertise in risk management and loss mitigation.

However, navigating the complex risks associated with wind farms, solar arrays, and other renewable requires sophistication.

The competition to underwrite renewable energy risks is growing every year.

Only those demonstrating a deep understanding of renewable energy can hope to attract and retain clients.

Insurers can use the latest technology to provide valuable insights to help clients.

Advanced systems can provide insights into manufacturer supply chains to identify potential risk accumulations due to failed components, enabling dynamic risk assessment.

Powerful geographic-enhanced technology can analyse and quantify the potential losses from natural catastrophes like hurricanes, floods, and earthquakes, specific to each asset type and location.

Insurers can now map and visualise the spatial distribution of renewable assets, highlighting potential clusters and accumulation risks.

These are some of the capabilities offered by Exact, AdvantageGo’s exposure and risk management solution. Together they provide accurate tracking of renewable energy exposure and risks.

Exact’s renewable energy risk feature can help insurance firms better manage their business profitability and reduce claim costs by managing and mitigating risks.

Meanwhile, business can be underwritten with confidence due to accurate risk assessment and improved pricing strategies.

Insurance companies can streamline underwriting workflows with automated data analysis and risk reporting.

Intuitive data dashboards make managing a portfolio’s health easy.

The fast-growing global renewable energy economy has the wind in it sails, and only the best prepared can take advantage.