Verisk Specialty Business Solutions Offers Insurers Cutting-Edge Offshore Windfarm Risk Assessment Module, in Partnership with Clarksons

Verisk Specialty Business Solutions, a leading insurance and reinsurance software specialist operating in London and US (re)insurance markets, today announces the introduction of a significant new offshore renewable energy module within its exposure management system Sequel Impact. The new module can be purchased and deployed as an add-on for existing Sequel Impact clients or standalone for new clients.

This latest enhancement to Verisk Sequel Impact leverages the comprehensive worldwide offshore windfarms dataset curated by the research arm of Clarksons, the world's biggest shipping services provider.

The integration of detailed data from Clarksons gives insurers a granular and sophisticated understanding of their sites, including the number, make, location and size of the turbines. This enables insurers to:

• Assess and control their risks more effectively
• Identify potential future issues,
• Make informed decisions on underwriting and reinsurance
• Respond proactively to incidents and manufacturing flaws

Enhanced reporting capabilities have been developed in response to growing demand, including a map overlay view as an alternative to a table layout. This allows users to visually identify the location of faulty turbines and helps them clarify any exposure clashes and coverage limits. For example, if a manufacturer issues a turbine part recall for a specific model, Sequel Impact’s module would allow the insurer to know how many of that model are in use and where exactly they are located. A specific filter layer for visualising cables – a big concern for insurers, as they make up a majority of claims – will also shine a light on new and helpful information.

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 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. 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.”

Verisk | https://www.verisksequel.com/