The current situation: Insurance trends in renewable energy
Sara Kane of CAC Specialty delves into insurance and risk trends in power and renewable energy in 2024.
Renewable energy capacity has doubled in the United States over the past decade, making renewables the fastest growing energy sources in the country. The U.S. Energy Information Administration predicts that new renewables capacity – especially wind and solar – will reduce the amount of electricity generated from coal- and natural gas-fired power plants this year.
They report wind and solar accounted for 14% of electricity generation in the U.S. in 2022, and expect that generation to rise to 18% in 2024.
However, the expansion of renewables means an expansion of risk, and insurers have had to adapt their appetite and underwriting decisions amid this evolving market.
In the latest episode of the Insurance Speak podcast, we are joined by Sara Kane, EVP, power and renewables practice leader at CAC Specialty, to discuss the trends affecting power and renewable underwriting in 2024.
You can listen to our conversation with Kane above, or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.