Developing Solar Industry Faces Risk Mitigation Challenges

The impact of extreme weather conditions on the global solar PV industry has contributed to an 87% increase in the average severity of claims over the past five years, renewables underwriter GCube revealed. Its Cell, Interrupted study finds that weather-related losses are one of the most common causes of solar PV claims worldwide, accounting for just under half of all PV claims in North America, and over a quarter in the rest of the world. GCube says the solar PV industry will need to invest time and resources in order to increase its tolerance to risk, particularly for losses resulting from extreme weather, which can include tornadoes, floods, windstorm and hail damage.