Battery storage losses continue to cause concerns to insurers. There have been several major losses already this year.
Michael J. Perron, senior managing director of global energy & climate tech at Brown & Brown in Atlanta, is a six-time Power Broker® winner or finalist.
After years of hearing great things from his clients, the team at Risk & Insurance® sat down with Perron to discuss trends and developments in renewable energy.
Risk & Insurance: Renewable energy is booming. What is one of the major risk management challenges at the moment?
Mike Perron: Large hail losses damaged solar panels in 2019 and 2021, followed by multiple losses to date in 2022. The industry is just hearing of the recent losses, each of which will be in the tens of millions of dollars.
One or more of the projects damaged used thin-film panels of the type insurers preferred, because they are not subject to microcracking. However, the hail was large, and the glass below the thin film in those modules was damaged.
R&I: The intermittent nature of solar and wind energy has made utility-scale storage…
