Verisk unit rolls out new threat evaluation module

Insurance coverage software program specialist Verisk Specialty Enterprise Options has partnered with delivery providers supplier Clarksons to roll out a brand new offshore renewable power module as a part of the Sequel Influence publicity administration system.

Out there as an add-on for current customers or as a standalone product for brand new shoppers, the danger evaluation module makes use of the intensive international offshore windfarms dataset curated by Clarksons’ analysis arm. It affords an in-depth view of offshore windfarm belongings, together with specifics just like the quantity, sort, location, and dimension of generators.

The objective is to permit insurers to optimize threat evaluation and administration, anticipate and tackle potential points, make extra knowledgeable underwriting and reinsurance selections, and react swiftly to incidents or manufacturing defects.

The module additionally introduces enhanced reporting options equivalent to a map overlay that permits customers to visualise turbine places, serving to them to pinpoint publicity clashes and handle protection limits. As an example, within the occasion of a turbine half recall, insurers can use the device to find affected fashions and assess their deployment throughout websites.

“Within the quickly evolving panorama of power insurance coverage, offshore renewables will solely proceed to develop,” publicity administration product chief Graham Pickard asserted. “We’re excited in regards to the doorways that open with this new module – giving insurers extra functionally related and complex understanding of their potential dangers in renewable power.

“Future enhancements to the module will embody different renewable power sources equivalent to photo voltaic, tidal, or hydro. Verisk is dedicated to innovation in publicity administration and pleased with its position in supporting insurers as they transition to a brand new low-carbon period.”

In the meantime Steve Gordon, international head at Clarksons Analysis, emphasised the essential position of offshore wind within the international power transition.

“The offshore renewables sector is creating quickly, and we anticipate the trade to develop from the 327 lively windfarms involving over 13,000 generators and 75 GW of electrical energy manufacturing at present to over 700 windfarms, 30,000 generators, and 250 GW by the top of the last decade,” he famous.

“We’re dedicated to offering market-leading information and intelligence throughout this necessary sector globally and congratulate Verisk on the discharge of their new module.”

Referred to as Sequel earlier than it was acquired by Verisk Analytics in 2017, Verisk Specialty Enterprise Options operates within the London and US (re)insurance coverage markets.

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