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  1. Home
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  4. Solar

Solar energy is taking off. Don’t let the risks hold your clients down.

According to the International Energy Agency (IEA), solar will lead the way for renewable energy sources and ‘set new records for deployment every year after 2022’1

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The severity of natural catastrophes is increasing

As the impact of extreme weather events continues to increase, the associated risks of hurricanes, hail and wildfires – amongst others – need to be factored into the design and maintenance of solar projects. In addition, developers should take into account possible changes in weather events for the lifetime of the project.

Since 1980 the U.S. has sustained 310 $1B+ weather/climate disasters. The total cost of these 310 events exceeds $2.155 trillion 2.

Risk factor #1

Windstorm

Hurricanes, Typhoons and Cyclones are among the costliest of the natural hazards and this continues to trend upwards. Of the 10 costliest hurricanes in U.S. history, nine have occurred in the last 20 years, with four occurring in the last five years. As weather conditions create more severe hurricane seasons, factors such as population growth, suggest the high cost of wind related damage is set to continue.

Sigma icon 2021 trails only 2020 with 30 named storms and 2005 with 28 named storms for most named storms in a single season.3

Tree image

Risk factor #2

Flood

While solar projects are constructed to withstand the elements, carefully locating solar energy projects away from flood plains, river beds and other flood-prone areas can help mitigate risks. Where projects are in areas liable to flood, a Flood Risk Assessment should inform the project design and take into account all necessary mitigations in both the construction and operational stages of the project.

Flooding accounts for 40% ofall loss-related natural catastrophes since 1980, with US$1T losses worldwide. Only 12% of these losses were insured.4

Risk factor #3

Wildfire

The conditions leading to wildfires are becoming more prevalent. In 2021 California, Nevada, and Oregon experienced their hottest summers ever. Washington and Arizona had their second hottest summers.

Eight of the 15 largest wildfires in California history have occurred in the last two years.5

Risk factor #4

Hail

Hail is becoming an increasing problem for renewable energy projects. As the number of possible project sites is reduced, projects are being built in locations that may be more prone to weather risks. Hail can cause complete damage to solar modules, requiring them to be replaced or can cause microcracking, causing loss of power over time.

In 2008 hail losses in the United States jumped from the norm of $8-$12B to $19B. Since then the norm has stayed close to or been higher than $19B.6

US states in top 10 for both solar capacity and incidence of weather peril

State RankFireWind (Hurricane and Tornado) FloodHail
CA
    
NC
    
FL
    
TX
    
AZ
    
NJ
    
GA
    
NY
    

Disclaimer. This information is for illustrative purposes only. The fact that a peril is not highlighted in a particular state, does not mean they peril does not occur in that state.
https://www.seia.org/research-resources/top-10-solar-states-0
https://www.iii.org/fact-statistic/facts-statistics-wildfires
https://www.iii.org/fact-statistic/facts-statistics-tornadoes-and-thunderstorms
https://www.iii.org/fact-statistic/facts-statistics-hurricanes
https://www.iii.org/fact-statistic/facts-statistics-flood-insurance

lifecycle

Lifecycle

From the moment the equipment leaves the factory, during transportation, throughout installation, during operation and right through decommission, AXIS covers the entire project lifecycle.

Resources

Wildfire, hail and floods The top three secondary perils to consider when future-proofing a project

View our wildfire briefing pack

View our flood briefing pack

View our hail briefing pack

Whitepapers

Whitepaper

Tropical Storm Preparedness Whitepaper

Download whitepaper

Questions? Contact us.

Learn More about how AXIS can help you with all of your solar project needs.

Have a question?
Contact us for more information

Explore the lifecycle of your renewable energy project from pre-construction through decommission.

See every stage.

  • Solar
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1 https://www.iea.org/reports/world-energy-outlook-2021
2 https://www.ncdc.noaa.gov/billions/
3 https://www.iii.org/fact-statistic/facts-statistics-hurricanes
4 https://www.munichre.com/en/risks/natural-disasters-losses-are-trending-upwards/floods-and-flash-floods-underestimated-natural-hazards.html#-24989000
5 https://www.theguardian.com/us-news/2021/dec/25/what-the-numbers-tells-us-about-a-catastrophic-year-of-wildfires
6 https://www.carriermanagement.com/news/2019/06/18/194563.htm

Insurance

As a specialty insurer, our expertise runs deep — we're not afraid to take on complex risk profiles and volatile lines.

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  • Accident & Health

    With our innovative AXIS Corporate Accident Insurance, AXIS Specialty Accident & Health Insurance, and AXIS Supplemental Health Insurance your clients get peace of mind.

  • Casualty

    We provide coverage for companies that may be exposed to legal liabilities caused by injury to others or damage of the property of others, such as AXIS Primary Casualty Insurance and AXIS U.S. Excess Casualty Insurance.

  • Cyber & Technology E&O

    With the constant threat of breaches, solutions for cyber and technology e&o can ease your client's mind.

  • Environmental

    With solutions like AXIS Contractors Pollution Liability Insurance, AXIS Pollution Legal Liability Insurance, AXIS Remediation Management Insurance and AXIS Specialty Package Policy Insurance, we help control the uncertainties associated with environmental projects.

  • Management Liability

    When it comes to management, the key is finding the right approach. That's also true for liability insurance. We offer AXIS Commercial, Public, Private and Not-for-profit Organizations Insurance and AXIS Financial Institutions Insurance.

  • Professional Liability

    AXIS specializes in developing innovative solutions that safeguard businesses and professional firms from legal actions. That's why we offer AXIS Architects & Engineers Insurance, AXIS Media & Entertainment Insurance, and AXIS Miscellaneous Professional Liability Insurance.

  • Program Business

    By working with experienced AXIS-appointed PAs and MGAs, we provide property and casualty insurance solutions for commercial and personal coverage through our Programs Business.

  • Property

    Property coverage helps ensure your client's property is protected against damage by offering AXIS E&S Property Insurance.

  • Renewable Energy

    Our dedicated team has extensive experience and an in-depth understanding of the unique risks faced by companies in the Renewable Energy industry. Explore our three key areas of renewables expertise: Solar, Wind and Battery Storage.

  • Home Based Business

    Underwritten by AXIS Insurance Company (NAIC # 37273), an Illinois property and casualty insurer, licensed in all 50 states of the United States and the District of Columbia, with offices at 111 South Wacker Drive Suite 3500 Chicago, IL 60606. Home Based Business Insurance is currently available in the following states:  AL, AR, AZ, CA, CO, CT, DE, GA, IA, IL, IN, KS,  KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WI, WI, WV, WY

Reinsurance

It's a new era for reinsurance — one that requires a bold, fresh approach to how we do business around the globe.

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  • A&H Reinsurance

    Our global team offers reinsurance solutions.

  • Agriculture

    We offer the dynamic and innovative coverage crop insurers need.

  • Aviation

    We have been a key market for Aviation Reinsurance since our inception in 2001.

  • Casualty

    In a world full of uncertainties, cedents can rely on our Casualty Reinsurance.

  • Credit and Surety

    As leading members of the Credit & Surety community, we write excess of loss structures and offer pro rata and excess of loss solutions.

  • Marine

    We have an extensive track record of leadership in the London and international marine reinsurance markets.

  • Mortgage

    Talk with us about the market for mortgage credit risk treaty business and reinsurance on a proportional and excess of loss basis.

  • Property

    We provide coverage for a broad spectrum of property risks worldwide, focusing on physical damage and time element exposures, including personal lines, light-to-heavier commercial risks and industrial portfolios.

Who We Are

Our expertise in specialty insurance and global reinsurance runs deep.

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  • About AXIS

    Collaborative by nature, multifaceted by design, AXIS practices specialty insurance and global reinsurance differently.

  • Board of Directors

    Find out who's steering the course for bold and innovative insurance solutions.

  • Locations

    Around the world, we’re redefining insurance and reinsurance.

  • Management

    To be a global leader, you need strong leaders. Meet ours.

  • Financial Strength & Ratings

    We're proudly rated "A+" (Strong) by Standard & Poor's and "A" (Excellent) by A.M. Best.

Careers

If you’re searching for a career where you can help redefine insurance, explore our latest employment opportunities.

Investors

Our financial strength builds trust.

Contact Us

Discover what drives AXIS, contact us today.

AXIS Capital
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© 2022 AXIS Capital. All right reserved.

This information is for descriptive purposes only and does not provide a complete summary of coverage. Refer to the applicable policy for specific terms, conditions, limits, limitations and exclusions to coverage. Coverage is underwritten by a member company of the AXIS group of insurance companies and may not be available in all jurisdictions.

*Total capital represents the sum of total shareholders' equity and debt
† Ratings of insurance and reinsurance subsidiaries of AXIS Capital Holdings Limited

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