In This Article:
Verisk Specialty Business Solutions has introduced a new offshore renewable energy module within its exposure management system, Sequel Impact.
Designed to enhance insurers' ability to assess and manage risks, this module can be integrated as an add-on for existing Sequel Impact clients or as a standalone product for new clients.
The enhancement utilises Clarksons' offshore windfarms dataset, providing insurers with detailed insights into the number, make, location, and size of turbines.
This level of detail is crucial for insurers to effectively control risks and anticipate potential future issues. It also supports informed decision-making in underwriting, reinsurance, and proactive incident response.
Highlighting the growth of the offshore renewables industry, Clarksons Research global head Steve Gordon said: “The offshore renewables sector is developing rapidly and we expect the industry to grow from the 327 active wind farms involving over 13,000 turbines and 75 GW of electricity production today to over 700 windfarms, 30,000 turbines and 250 GW by the end of the decade.”
The new module's enhanced reporting capabilities, including a map overlay view, address the growing demand for sophisticated risk management tools.
This visual aid allows insurers to pinpoint the location of faulty turbines and manage exposure clashes and coverage limits more effectively. For instance, in the event of a turbine part recall, insurers can quickly identify affected units and their locations.
Additionally, a new filter layer for visualising cables has been introduced, addressing a significant area of concern for insurers, given that cable-related issues constitute the majority of claims.
This feature aims to provide valuable insights into this critical aspect of offshore renewable energy infrastructure.
Verisk Sequel Impact exposure management product leader Graham Pickard stated that other renewable energy sources including solar, tidal or hydro will be gradually added to this module.
Other recent launches by Verisk include the ISO Experience Index for modernising actuarial risk pattern analysis and new accelerators, wcPrism and wcNavigator, to streamline workers' compensation claims processing.
"Verisk partners Clarksons on offshore renewable energy module" was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.