Renew Risk has launched two catastrophe models designed specifically for offshore wind farms in the UK, Ireland and across Europe.

The UK and Ireland Windstorm Model and the European Windstorm Model aim to improve the way insurers, reinsurers and brokers assess increasingly complex offshore assets, as larger turbines are deployed in deeper waters. Insurers have already responded to uncertainty by limiting capacity and increasing premiums.

The models incorporate at-sea wind speed data, extreme wave impacts and asset-level detail across turbines, cables and substations, alongside forward-looking insights on sites through to 2032. They are also intended to support banks, developers and planners with investment and resilience decisions.

Dr Joshua Macabuag, co-founder and chief executive of Renew Risk, said: “At present, predictions within the offshore wind market are a source of inaccuracy, many models still rely on proxy data to estimate offshore losses – a limitation that can materially distort risk pricing. The past is not a reliable guide to future risk. By capturing the asset-level details of offshore wind farms in an engineering-led approach, our models give insurers the clarity to price risk accurately and deploy capacity with confidence, unlocking the next phase of growth in Europe’s offshore wind sector.”

The models account for full post-event repair costs offshore, where mobilising specialist vessels can exceed US$10m before work begins, typically incurred as a single claim.

Founded in 2021, Renew Risk has raised US$4.7m in seed funding at a US$16m valuation. The company says its models can be developed in around nine months, faster than traditional approaches, and form part of a broader expansion, including a US severe convective storm model for solar energy.

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