Climate change to drive up renewable energy insurance costs
Because of this, insurers are paying more attention to weather events, given the amount of claims they have paid out recently. Several examples Slevin identified include a solar panel facility in Texas that filed for over US$70 million in damage caused by a violent hailstorm in 2019. In 2020, the unprecedented wildfires in California caused three solar projects to file large claims due to fire damage.
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