Verisk Specialty Business Solutions, an insurance software specialist, has partnered with shipping services provider Clarksons to launch a new marine renewable energy module as part of its Sequel Impact exposure management system.

Available as an add-on for existing users or as a standalone product for new customers, the Risk Assessment module uses the comprehensive global offshore wind farm dataset compiled by Clarkson’s research arm. It provides an in-depth look at offshore wind farm assets, including details such as turbine number, type, location and size.

The goal is to allow insurers to better assess and manage risk, anticipate and address potential problems, make more informed underwriting and reinsurance decisions, and respond quickly to accidents or manufacturing defects.

The module also offers enhanced reporting features such as a map overlay that allows users to visualize turbine locations, helping them identify exposure discrepancies and manage coverage limits. For example, in the event of a turbine recall, insurers can use the tool to identify affected models and assess their deployment across locations.

“Offshore renewables will continue to grow in the rapidly evolving energy insurance landscape,” said Graham Pickard, Head of Risk Management. “We are excited about the doors that this new unit opens – giving insurers a more relevant and sophisticated understanding of the potential risks in the renewable energy space.

“Future improvements to the unit will include other renewable energy sources such as solar, tidal or hydropower. Verisk is committed to innovation in exposure management and is proud to play its role in supporting insurers as they transition to a new low-carbon era.”

Meanwhile, Steve Gordon, President of Clarksons Global Research, stressed the crucial role that offshore wind plays in the global energy transition.

“The offshore renewable energy sector is developing rapidly, and we expect the sector to grow from 327 active wind farms with more than 13,000 turbines and 75 gigawatts of electricity production today to more than 700 wind farms, 30,000 turbines and 250 gigawatts by the end of the decade,” he noted.

“We are committed to providing market-leading data and intelligence across this important global sector and congratulate Verisk on the release of their new module.”

Verisk Specialty Business Solutions, known as Sequel before being acquired by Verisk Analytics in 2017, operates in the London and US (re)insurance markets.

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