5 Highlights from GCube’s 21st Advisory Council

We kicked off October with our annual two-day Advisory Council meeting at Balboa Bay Resort, Newport Beach, California. A leading group of underwriters, brokers, insureds, and industry specialists from across North America joined us in discussion on what the industry is doing well and what steps must be taken to maintain its sustainable development, faced with an ever-changing risk profile.

Watch our highlights video of the 21st GCube Advisory Council here.

In its 21st iteration, the 2024 Advisory Council was as enjoyable and productive as ever. Over the two days, crucial issues that the industry faces were debated and discussed, from the impact of the IRA on US renewables, the increasing complexity of construction claims, the changing dynamics of the insurability and bankability of US projects, lender appetite, and a great deal more.

With that in mind, here are five ‘headlines’ we took from the event.

1. US renewables are at a critical juncture

Recent politics and policies, like the Inflation Reduction Act (IRA), are changing the landscape of the US renewable energy market. At this critical juncture, we welcomed two keynote speakers to shed light on the progress made and the road ahead.

On day one, John Leonti of Troutman Pepper explored the impact of the IRA two years after its enactment. He discussed how tradable tax credits have diversified financing options, underscoring the IRA's role in positioning the US as a global leader in renewables while highlighting the need for the next administration to focus on transmission and emerging technologies.

Day two had Michael Rucker, Founder and CEO of Scout Clean Energy, reflect on the evolution of renewables portfolios over the past decade. He examined how the IRA has triggered a fundamental market shift, transforming the way projects are built and operated. But Michael also raised important questions about resilience and stability in an evolving risk landscape.

Together, these sessions offered a bigger picture view of how US renewables have evolved and what’s needed to address the challenges ahead.

2. On- and offshore construction claims grow in complexity

Renewables construction is becoming increasingly complex, and we convened a panel session bringing together industry leaders to examine the issues and opportunities that were first highlighted in GCube’s Arrested Development report. 

The session kicked off with Rosa van Reyk and Darren Askari presenting key findings from over a decade of claims data, offering practical recommendations to help stakeholders navigate change risk profiles. Charles Klehr, of Charles Taylor, added real-world context by sharing insights into major construction losses in the North American market, while Timothy Dowden, of J.S. Held, focused on the shifting risk profile of renewables construction and ways to address project delays.

Our four panellists then came together to discuss how underwriting and claims expertise can mitigate complex claims, particularly in Delay-in-Start-Up (DSU) scenarios, emphasising the need for collaboration across the industry.

For a deeper dive into the findings, explore our full Arrested Development report here.

3. Better data and modelling are needed to prepare for extreme weather worldwide

This fireside chat, led by Roy Muñoz and Chris Bender from GCube, highlighted some of the most challenging global claims from the past year.

The discussion focused on recent renewables losses in the UAE, where unusually severe weather caused significant disruptions and losses. Roy and Chris highlighted how a lack of weather stations contributed to misinterpretations of local patterns, exacerbating the impact of the storm. Their insights underscored the need for better weather data and modelling, particularly in high growth emerging markets where weather unpredictability is posing significant challenges.

4. Lender appetite is being impacted by Nat Cat and extreme weather

The final panel discussion of the event brought together a group of dynamic experts from insurance, finance, and project development to tackle the pressing questions surrounding the insurability and bankability of US renewable energy projects. This discussion centred on Nat Cat and extreme weather losses and how they are reshaping lender requirements and raising concerns about the sustainability of insurance costs for solar and wind projects.

Haney Swidan from Moore-McNeil, Alejandro Lopez-Jensen from NORD/LB, Pete Conway from Aon, and GCube’s Michael Galea debated how to bring lenders and project developers and owners closer together to agree on insurance requirements, and how better collaboration could maintain momentum toward net zero.

One key takeaway? There is now a real challenge in finding a balance on reasonable coverage limits in the content of increased Nat Cat.

5. Cargo needs to be handled with care

In an industry continuing to grow at speed, global logistics and transportation remain a critical challenge. Phil Pavey, Senior Underwriter at GCube, provided an in-depth look at cargo risks across wind, solar, and storage projects, drawn from five years of data.

Phil highlighted how persistent supply chain disruptions, coupled with the transportation of increasingly large and complex components, are affecting project timelines and risk profiles in North America. His presentation emphasised the importance of adapting risk mitigation strategies to ensure smoother operations in this fast-growing sector.

GCube’s Advisory Council is an exclusive, invitation-only event for insureds and brokers, owners and developers in the North American renewables market. Our next meeting takes place in September 2025. For more information, please contact [email protected].