{"id":1239,"date":"2021-12-27T03:09:47","date_gmt":"2021-12-27T03:09:47","guid":{"rendered":"https:\/\/www.bbrown.com\/?post_type=insight&p=1239"},"modified":"2022-04-11T10:35:10","modified_gmt":"2022-04-11T15:35:10","slug":"insurance-market-report","status":"publish","type":"insight","link":"https:\/\/www.bbrown.com\/us\/insight\/insurance-market-report\/","title":{"rendered":"Insurance Market Report – Renewable Energy"},"content":{"rendered":"

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Market Update<\/p>\n

\n Insurance Market Report - Renewable Energy - January 2022\n <\/h1>\n\t\n <\/div>\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t<\/div>\n\n\t\n[\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″]\n
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\n Carriers See More Favorable Market Conditions, But Losses Cloud Results\n <\/h1>\n\t\n <\/div>[vc_column_text]Buoyed by more favorable terms (recent pricing and retention increases), conventional insurers eager to meet ESG initiatives and replace shrinking fossil fuel revenues are pushing the likes of AXIS, GCube and PERse on Solar, Wind and Battery Storage (BESS) business. The list includes Swiss RE, Munich RE, Allianz, AEGIS, AIG, StarrTech, Liberty, HDI, capacity from London and Bermuda and others. This influx of capacity is helping to stabilize the market.<\/p>\n

AEGIS’ renewable energy team is deploying significant capacity leading placements for their members and serving as a follow-market for non-members. Other entrants such as NARDAC and PPS Specialty Underwriters also offer additional capacity, some of which is beholden to them, with more capacity being developed. Travelers, HSB and Hartford continue to lead smaller placements. Zurich will reenter the renewables sector in 2022, and FM Global plans to expand its footprint as well.<\/p>\n

Rates were up 10-20% or more through most of 2021 for most renewables customers, and we anticipate tempered increases in 2022 (flat -15%). Rate increases were higher for customers in tougher classes and customers with losses and properties in CAT-prone areas, particularly hail and wildfire areas.<\/p>\n

Overall, renewables would be profitable at current terms to date in 2021 if not for a few significant losses involving offshore wind cables, wildfire, battery thermal runaway reactions and hail damage to PV Solar projects. Projects with these exposures will see larger rate increases than the sector overall. Carriers will strive to continue increasing rates into 2022, but rates have moderated, and we expect market conditions to continue to improve.<\/p>\n

Find out more about the Renewable Energy market outlook.<\/h3>\n

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\n\t\t\t\t\t\n\t\t\t\tDownload Report<\/span>\n\t\t\t<\/a>\n\t\t\t<\/div>\n[\/vc_column][vc_column width=”1\/3″][vc_single_image image=”1360″ alignment=”center” style=”vc_box_circle_2″][vc_separator border_width=”2″ el_width=”60″][vc_column_text]<\/p>\n
by Michael Perron<\/h6>\n

Senior Managing Director<\/p>\n

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by Danny Seagraves<\/h6>\n

Senior Managing Director<\/p>\n

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[vc_row row_style=”page-hero” full_width=”stretch_row_content”][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”2\/3″][vc_column_text]Buoyed by more favorable terms (recent pricing and retention increases), conventional insurers eager to meet ESG initiatives and replace shrinking fossil fuel revenues are pushing the likes […]<\/p>\n","protected":false},"author":22,"featured_media":1301,"template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"insight_category":[34],"class_list":["post-1239","insight","type-insight","status-publish","has-post-thumbnail","hentry","insight_category-property-casualty"],"acf":[],"yoast_head":"\nInsurance Market Report - Renewable Energy - Brown & Brown<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbrown.com\/us\/insight\/insurance-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Market Report - 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