GCube Insurance

Saúde! We’re delighted to share the highlights reel from our annual Risk Seminar in Porto earlier this month. Thank you to all who participated in making the event such a success. This annual event continues to stand as an important platform for industry leaders to share insights into building a sustainable insurance market. Ahead of the next global construction boom for renewable energy, we're starting to see a wave of new construction risks. At this year’s event, we held the spotlight on the emerging BESS market and floating wind technology, and gave attendees a sneak preview of our new construction claims report - watch this space! #insurance #riskseminar #renewableenergy 

Day Two of GCube’s European Risk Seminar 2024 in Portugal maintained the same enthusiastic spirit as the first! - Pauline Laporte Weywada of K2 Management kicked off the day by providing an overview of the challenges and opportunities in floating wind, outlining how “we’ve seen a tremendous increase in floating wind activity over the last few years, but there is still a lot to define in the supply chain". - GCube’s Phil Pavey then presented his insight from the last 5 years of cargo claims, discussing the ongoing impacts of supply chain challenges in Europe and potential impacts of trade sanctions. - Rob Jarvis provided an in-depth outlook on where next for insurance and the energy transition and described his role in Tokio Marine Kiln’s innovation lab developing innovative insurance products: “I have the best job in the world!” - Finally, our fireside chat speakers, Josh Shimali and Paul Nicholls from GCube, and Steven Horne from CCi, A Rimkus Company, were asked about their level of optimism going into the next renewables construction boom: “I’m not a pessimist, I’m an optimist… with experience”, said Josh. Josh and Paul also gave a sneak peek of GCube’s forthcoming construction claims report, “Arrested Development”, which will be published over the next few weeks – watch this space! We conclude this afternoon with Port Wine tasting, fitting given the beautiful location of the Seminar in Porto this year! 🇵🇹 🍷 Many thanks again to our speakers and Seminar members who make this unique event possible. #renewables #energy #insurance

We've just wrapped up Day One of GCube’s European Risk Seminar 2024 in Porto, Portugal! This latest edition of our annual event for leaders in European renewable energy insurance showcases the programme's ongoing evolution, serving as a robust forum for open dialogue about the market's current state. It’s always hard to summarise all of the important conversations taking place throughout the day, but here is a flavour of some of the key talking points: - Our CEO Fraser McLachlan kicked off proceedings with a high-level overview of the state of play in the renewables insurance market, highlighting that “we’ve got to work collectively and collaboratively together to get away from the boom and bust cycle that we’ve all got used to”. - Jose Espinosa of Fotowatio Renewable Ventures (FRV) discussed FRV’s progress in diversifying its portfolio and how “risk managers are here to accelerate business and improve competitive advantage in the right way”. - The ‘Batteries Not Excluded: Getting Comfortable with BESS’ panel included presentations from Tom Harries from NARDAC, Roberto Jimenez from BW ESS, and GCube’s Oliver Litterick who examined the challenges of ensuring a viable insurance proposition for BESS. “Two main challenges we face: lack of data and lack of standardisation”, said Oliver. “We’re seeing new products every 3 years, and people assume batteries aren’t changing”, said Tom. - And finally, Roy Muñoz and Chris Bender led our fireside chat, ‘Better Call Roy’, which dissected some of the most unique and challenging global claims experienced over the past 12 months, including a unique insight on liability for lost production over dusty fruit…. "Are you Papaya-ing my claim!?” Many thanks to all of our speakers. We’re already looking forward to Day Two! #renewable #energy #insurance

Landis Knorr, GCube Insurance Senior Underwriter, will be attending Wood Mackenzie’s 17th Solar & Energy Storage Summit 2024 in San Francisco next week.   Encompassing innovation in cell and battery technology, and evolving solar and storage business models in the ever-changing energy landscape, please reach out to Landis at landis.knorr@gcube-insurance.com if you’d like to schedule a meeting. 

GCube Insurance is looking to grow our dynamic team. Seeking a renewable energy underwriter, based out of New York City NY, Santa Ana CA and/or Houston TX. For full description of this opportunity, please visit https://lnkd.in/gYUCCgur. 

Meet the GCube team in Vancouver between the 15th - 17th of July at Vancouver Marriott Pinnacle Downtown Hotel, 1128 West Hastings. If you’re there early, why not also join us at our happy hour on Sunday 14th! To book a meeting, please contact Linda McCavera at: Linda.McCavera@GCube-Insurance.com

Kudos to Aon for hosting their 2024 Power & Renewables Symposium at the Harvard Club NYC yesterday - - it was an amazing event! GCube had the distinct pleasure of sponsoring this event along with several of our Renewable Energy industry associates. The numerous topics covered provided important discussions shaping the future of power and renewable risk management, offered valuable insights, plus vital networking opportunities. 

How can battery storage owners mitigate the risks at their projects? Fraser McLachlan tackled this topic in the opening presentation of the storage section of today’s Financing Energy Transition conference. Fraser highlighted “BESS will grow from a $3bn industry to a $50bn industry by 2032 and, for the insurance industry, there is a huge opportunity. But, we need to get better at sharing knowledge and ideas”. There are five ‘elephant in the room’ risks that battery owners and operators need to be aware of at their assets. Read more on this below!

As an industry we’ve frequently raised concerns over rising defect and mechanical breakdown risks, but how can we address the underlying root causes? Across both the onshore and offshore wind markets, we’ve seen a growing influx of new larger technology, accompanied by rising failure rates and ongoing supply chain challenges. Josh Shimali, Head of Onshore Underwriting at GCube, recently spoke with Rachel Millard at Financial Times identifying that the industry needs to unpack historical performance concerns and work together to mitigate losses and navigate disruption. As highlighted in GCube's market insights report, “Vertical Limit”, we need better risk sharing between developers, manufacturers and insurers. With this, we advocate for technological standardisation, investment into the supply chain and increased accountability. To read the full article, click here: https://lnkd.in/eNjgDvAz

We’re delighted to be a Co-Headline Sponsor for Financing Energy Transition.   Fraser McLachlan, CEO of GCube will be joining John Leonti Troutman Pepper, Rutwij Hoshing Gore Street Capital and James Mills Varco Energy, on the “Energy Storage: Investors' outlook - 2024 and beyond” panel session.   Join us to hear from Fraser as he covers the key ‘elephant in the room’ risks and issues in the BESS sector and delves into how comfortable the insurance market really is with BESS technology.   We hope to see you there!   To learn more about the event please visit:  https://lnkd.in/eqNH5PBY #FinancingEnergyTransition #EnergyTransition #Renewables #Insurance