22 February 2023Analysis

GCube launches in Australia

GCube Insurance (GCube), an underwriter for renewable energy projects and member of the Tokio Marine group of companies, has officially launched in Australia, offering a broad range of products to meet the increasing risks faced by local renewables developers.

Following its entry into the Sydney market in February 2022, GCube products will now be underwritten on locally authorised paper issued by Tokio Marine & Nichido Fire Insurance Co Australia.

Deploying the GCube suite of products via its locally admitted operation allows the company to broaden its Australian offering, enabling it to support a wider range of clients and brokers as the country’s renewables market faces complex and growing risks, the company said.

GCube said that it has embarked on an ongoing campaign of global expansion, under parent company Tokio Marine HCC, of which its entrance into the Australian market forms ‘a key pillar’, the company said.
According to GCube: “Changing political headwinds in Australia, both at the State and Federal level, are driving significant demand for renewables in the country. As the local market grows, however, so too do the risks faced by local renewables developers, asset managers and investors, and subsequent need for coverage required to mitigate those risks.

“Increasingly severe Nat Cat, such as the recent hail losses and floods in the South-East, as well as persistent supply chain challenges and global inflationary pressures, mean that it's now more important than ever to merge international underwriting expertise with local knowledge and capacity.”

From here, the company will ramp up its regional presence, seeking to support a wider variety of insureds, and build out its local customer base.

Fraser McLachlan, chief executive, GCube Insurance, said: “As we continue our ongoing global expansion, set out in 2022, GCube has firmly established itself in the local Australian market.

“The faster decision-making that writing on local paper facilitates means that the company can improve its service to existing Australian clients and offer that same, high-quality service to a broader range of projects in the country.”