Verisk SBS unveils offshore windfarm risk assessment module

Verisk Specialty Business Solutions, the re/insurance software specialist operating in London and US re/insurance markets, has unveiled a new offshore renewable energy module within its exposure management system, Sequel Impact.

According to the announcement, this new enhancement to Verisk Sequel Impact leverages the worldwide offshore windfarms dataset curated by the research arm of Clarksons, the biggest shipping services provider across the globe.

It has been confirmed that this new module can be purchased and deployed as an add-on for existing Sequel Impact clients, or standalone new clients.

From what we understand, the integration of detailed data from Clarksons will give insurers a deeper understanding of their sites, including the number, make, location and size of the turbines.

As a result, this will enable insurers to assess and control their risks more effectively, identify potential future issues, as well as make informed decisions on underwriting and reinsurance, and respond proactively to incidents and manufacturing flaws.

It’s important to note, that these enhanced reporting capabilities have been developed in response to growing demand, including a map overlay view as an alternative to a table layout. This key feature will allow users to visually identify the location of faulty turbines, which ultimately helps them clarify any exposure clashes and coverage limits.

“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. 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,” commented Graham Pickard, exposure management product leader, Verisk’s Sequel Impact.

“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. We are committed to providing market leading data and intelligence across this important sector globally and congratulate Verisk on the release of their new module,” said Steve Gordon, global head, Clarksons Research.

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