Hailstorm Claims Risk Undermining Solar Energy, Insurer Says
Extreme weather fueled by climate change is making renewable projects vulnerable to natural disasters.
Photographer: Sakis Mitrolidis/AFP/Getty Images
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Solar farms around the world are under threat due to costly hailstorm-related claims, according to renewable energy underwriter GCube Insurance.
Hail was the costliest category for insurance claims by the renewables industry in the last five years, averaging around $58.4 million per incident, the underwriter said in a Wednesday report. Even though hail makes up only about 1.4% of total claims, more than half of total solar loss claims are due to hail.