Verisk unit rolls out new risk assessment module

Verisk unit rolls out new risk assessment module | Insurance Business America

Technology

Verisk unit rolls out new risk assessment module

Offering leverages dataset curated by Clarksons research arm

Technology

By
Terry Gangcuangco

Insurance software specialist Verisk Specialty Business Solutions has partnered with shipping services provider Clarksons to roll out a new offshore renewable energy module as part of the Sequel Impact exposure management system.

Available as an add-on for existing users or as a standalone product for new clients, the risk assessment module uses the extensive global offshore windfarms dataset curated by Clarksons’ research arm. It offers an in-depth view of offshore windfarm assets, including specifics like the number, type, location, and size of turbines.

The goal is to allow insurers to optimize risk assessment and management, anticipate and address potential issues, make more informed underwriting and reinsurance decisions, and react swiftly to incidents or manufacturing defects.

The module also introduces enhanced reporting features such as a map overlay that enables users to visualize turbine locations, helping them to pinpoint exposure clashes and manage coverage limits. For instance, in the event of a turbine part recall, insurers can use the tool to locate affected models and assess their deployment across sites.

“In the rapidly evolving landscape of energy insurance, offshore renewables will only continue to grow,” exposure management product leader Graham Pickard asserted. “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.”

Meanwhile Steve Gordon, global head at Clarksons Research, emphasized the critical role of offshore wind 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,” he noted.

“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.”

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

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