Verisk Specialty Business Solutions, a software provider for the re/insurance markets in London and the US, has launched a new offshore renewable energy module within its Sequel Impact exposure management system.
New module is available as an add-on for current Sequel Impact users or as a standalone product for new clients.
This enhancement utilizes a global offshore windfarm dataset provided by Clarksons, the world’s largest shipping services provider.
The integration of Clarksons’ detailed data allows insurers to gain a precise understanding of their sites, including turbine specifics such as number, make, location, and size.
This module enables insurers to:
- Better assess and manage risks
- Identify potential issues proactively
- Make informed underwriting and reinsurance decisions
- Respond swiftly to incidents and manufacturing defects
Enhanced reporting features, including a map overlay option, allow users to visualize turbine locations, identify exposure overlaps, and assess coverage limits.
For instance, if a manufacturer recalls a specific turbine part, the module can pinpoint where and how many of those turbines are in use.
Additionally, a filter layer for visualizing cables—often a major source of claims—provides critical information to insurers.
Graham Pickard, exposure management product leader, Verisk’s Sequel Impact said: “In the rapidly evolving landscape of energy insurance, offshore renewables will only continue to grow”.
We are excited about the doors that open with this new module – giving insurers more functionally relevant and sophisticated understanding of their potential risks in renewable energy.
Graham Pickard, exposure management product leader, Verisk
Future enhancements to the module will include other renewable energy sources such as solar, tidal or hydro. Verisk is committed to innovation in exposure management and proud of its role in supporting insurers as they transition to a new low-carbon era.
Steve Gordon, global head, Clarksons Research said: “At Clarksons we believe that offshore wind will play a vital role in the global energy transition. The offshore renewables sector is developing rapidly and we expect the industry to grow from the 327 active windfarms 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.”
by Peter Sonner
