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.<\/p>\n\n\n\n
These giant wind turbines and advancements in technology are one of the reasons why the worldwide renewable energy market is booming.<\/p>\n\n\n\n
The International Renewable Energy Agency forecasts global renewable energy capacity to double by 2030, reaching 4,800 GW (gigawatts).<\/p>\n\n\n\n
The growing renewable energy market is an exciting prospect for the insurance industry, which has expertise in risk management and loss mitigation<\/a>.<\/p>\n\n\n\n However, navigating the complex risks associated with wind farms, solar arrays, and other renewable requires sophistication.<\/p>\n\n\n\n The competition to underwrite renewable energy<\/a> risks is growing every year.<\/p>\n\n\n\n Only those demonstrating a deep understanding of renewable energy can hope to attract and retain clients.<\/p>\n\n\n\n Insurers can use the latest technology to provide valuable insights to help clients.<\/p>\n\n\n\n Advanced systems can provide insights into manufacturer supply chains to identify potential risk accumulations due to failed components, enabling dynamic risk assessment.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Insurers can now map and visualise the spatial distribution of renewable assets, highlighting potential clusters and accumulation risks.<\/p>\n\n\n\n These are some of the capabilities offered by Exact, AdvantageGo\u2019s exposure and risk management solution<\/a>. Together they provide accurate tracking of renewable energy exposure and risks.<\/p>\n\n\n\n Exact\u2019s renewable energy risk feature can help insurance firms better manage their business profitability and reduce claim costs by managing and mitigating risks.<\/p>\n\n\n\n Meanwhile, business can be underwritten with confidence due to accurate risk assessment and improved pricing strategies<\/a>.<\/p>\n\n\n\n