Tokio Marine’s GCube supercharges global expansion with Australia launch

Specialist renewable energy insurer  GCube, a part of Tokio Marine HCC, is ramping up its global expansion plan with its latest launch in Australia and a broad range of products to meet the increasing risks faced by local renewables developers.

Having served the Australian market from London for 15 years, and following its entry into the Sydney market in February 2022, GCube is now launching its product offering via its local admitted branch office as part of its ongoing global expansion campaign.

GCube’s suite of products will now be underwritten on locally authorised paper issued by Tokio Marine & Nichido Fire Insurance Co Australia (TMNFA), allowing it to broaden its Australian offering and better support clients and brokers in the renewables market facing complex and growing risks.

GCube said the changing political headwinds in Australia, both at the State and Federal level, are driving significant demand for renewables in the country. Additionally, 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.

Fraser McLachlan, CEO of 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.”

William Hiller, underwriter, GCube Insurance, added: “There is currently significant potential and appetite for renewable energy projects across Australia. But the country’s unique environment and varying climatic conditions pose unique risks.”

GCube’s new local office will enable our specialised team to help a wider range of customers mitigate those risks and positively support the sector, as it moves into its next phase of growth and market development.”

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