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U.S. renewable energy insurers are expected to pay out more than $300 million in claims due to hailstorms in Texas this year, GCube Underwriting Ltd. said in a report Tuesday.
Hail damage to solar installations in Texas in the early summer was almost twice as severe as other key renewable losses of the last three years combined, the London-based specialist insurer said.
Multiple instances of losses exceeding sublimits of up to $50 million due to extreme weather events like hail, tornados and derechos highlight the need for improved modeling and more effective use of existing weather data, GCube said in the report.
Solar installations have sustained much greater damage than renewable wind since 2020 in terms of both frequency and severity of claims, with both operational projects and those under construction equally exposed to losses, according to the report.