Report
Hail No!
Defending solar against nature's cold assault
5 December, 2023
By : GCube Insurance
As the leading provider of insurance services for renewable energy projects worldwide, GCube has witnessed first-hand the devastating effects of hailstorms on the solar industry.
The staggering increase in hail events in the last five years has not only led to record losses across the sector but has also disrupted the insurance market and hindered the financing and development of solar projects in hail-prone regions. As losses increase and hailstorms intensify, fuelled by the dynamics of climate change, the global solar sector is in urgent need of practical solutions to this existential hail threat.
In this report, we present the latest data and analysis on the hail risk facing the solar industry, and how it is affecting the insurance sector, lenders, and solar project owners and developers. We also offer our recommendations and put forward a proposal for an innovative, practical and low-cost solution to mitigate hail risk and protect solar assets from hail damage.
The solar industry is a vital part of the global energy transition and a key driver of economic development. As ever, GCube is committed to providing innovative and comprehensive insurance products and services, as well as educational programmes and industry symposiums that help our clients manage their risks.
We hope that this report raises awareness of the hail threat to the solar industry and encourages collaboration among all stakeholders to find ways to overcome this challenge and support the growth and resilience of the solar sector.
The staggering increase in hail events in the last five years has not only led to record losses across the sector but has also disrupted the insurance market and hindered the financing and development of solar projects in hail-prone regions. As losses increase and hailstorms intensify, fuelled by the dynamics of climate change, the global solar sector is in urgent need of practical solutions to this existential hail threat.
In this report, we present the latest data and analysis on the hail risk facing the solar industry, and how it is affecting the insurance sector, lenders, and solar project owners and developers. We also offer our recommendations and put forward a proposal for an innovative, practical and low-cost solution to mitigate hail risk and protect solar assets from hail damage.
The solar industry is a vital part of the global energy transition and a key driver of economic development. As ever, GCube is committed to providing innovative and comprehensive insurance products and services, as well as educational programmes and industry symposiums that help our clients manage their risks.
We hope that this report raises awareness of the hail threat to the solar industry and encourages collaboration among all stakeholders to find ways to overcome this challenge and support the growth and resilience of the solar sector.
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