Renewable energy underwriter GCube Insurance is building up its operations here, almost a year after entering the Australian market by way of an office in parent company Tokio Marine’s premises in Sydney.

GCube says its products will now be underwritten on locally authorised paper issued by Tokio Marine & Nichido Fire Insurance Co Australia.

It says the move will allow 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.

GCube says changing political headwinds at state and federal levels are driving “significant” demand for renewables in the country and as the market develops, so will the need for insurance coverage.

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

“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.”

GCube says the announcements represent a “formal” launch of its Australian operations and it will aim to ramp up its regional presence from here.