Verisk Specialty Business Solutions has introduced an offshore renewable energy module within its exposure management system, Sequel Impact.

This latest enhancement leverages the worldwide offshore windfarms dataset curated by the research arm of shipping services provider, Clarksons, and gives insurers a granular and sophisticated understanding of their sites, including the number, make, location and size of the turbines. Enhanced reporting capabilities have been developed in the tool.

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. 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, added: “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 75GW of electricity production today to over 700 windfarms, 30,000 turbines and 250GW 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.”

The new module can be purchased and deployed as an add-on for existing Sequel Impact clients or standalone for new clients.

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