Renew Risk Unveils Offshore Wind Catastrophe Models for Europe
Renew Risk has launched the UK & Ireland Windstorm Model and European Windstorm Model, the first catastrophe models tailored for offshore wind farms in these regions. This initiative addresses the challenges insurers face in accurately assessing risk for larger, exposed assets, enhancing investment decisions and resilience planning across renewable energy portfolios.
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Renew Risk has introduced two new catastrophe models specifically designed for offshore wind farms in the UK and Europe: the UK & Ireland Windstorm Model (UKWS) and European Windstorm Model (EUWS). These models incorporate detailed asset-level data and at-sea wind-speed measurements to provide more accurate risk assessments, assisting insurers, reinsurers, banks, developers, and planners in making informed decisions.
The initiative comes amid increasing volatility in windstorm activity and rising insurance premiums due to reliance on outdated data. Additionally, the models account for significant post-event costs, which can exceed $10 million for mobilizing specialist vessels.
This launch is part of Renew Risk's broader strategy to expand its suite of risk management tools across the global renewable energy market, including upcoming models for solar energy in the US. Enhanced risk transparency may lead to increased insurance capacity and support for renewable infrastructure projects.
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