How Insurers Are Helping Protect Renewable Energy Producers

Head of U.S. Environmental, Mike Padula was featured in the July/August issue of Risk & Insurance that addresses how insurers will need to employ innovation, including AI, improved modeling, parametric insurance and forensic-level analysis, to help mitigate emerging exposures renewable energy producers are facing. From the perspective of Environmental Liability, Mike points out green liabilities face unique risks, and better data and expertise are required to tailor and accurately price solutions for the insureds. He cites insurers and brokers need to educate “the industry on why environmental is really needed to protect their balance sheet.” He added that while renewables may be a young industry, “the environmental space is now a mature space within the insurance sector — there’s a lot of expertise in the area to foresee environmental issues.”    Read the Risk & Insurance article here.

Aspen remains committed to collaborating with partners in the Climate Insurance space. In January 2023, Aspen and kWh Analytics launched an industry first, data-led product that encourages resilient design, construction and management of solar assets. You can learn more about this partnership and other initiatives Aspen supports in our 2023 Sustainability Report.