Renew Risk, a specialist provider of risk analysis for renewable energy assets, has announced the release of the UK and Ireland Storm Model (UKWS) and the European Storm Model (EUWS), marking the first catastrophe models specifically designed for offshore wind farms in these regions.
The company positions these tools as a significant advance for insurers, reinsurers and brokers seeking to more accurately assess offshore wind risks.
The rapid expansion of offshore wind capacity in Europe presents increasingly complex challenges for insurers. Assets are getting larger and more exposed, and traditional reliance on historical data sets is proving insufficient to accurately assess future risk. “Renew Risk” emphasizes that this gap leads to uncertainty in the entire insurance market.
The models are designed for a wide range of stakeholders, not just limited to insurance, but also support banks, developers and planners, helping to inform investment choices and enhance resilience planning for renewable energy portfolios.
The company highlighted the increasing scale of infrastructure as a key factor, with modern turbines now reaching heights of between 160 and 230 metres, comparable to London’s major skyscrapers, and increasingly located in deeper offshore environments. At the same time, storm patterns are entering a more active phase, leading to increased volatility.
Market pressure is already evident, with some insurers reducing capacity or increasing premiums for offshore wind projects due to limited confidence in available data. Renew Risk attributes this trend to shortcomings in existing modeling approaches.
Dr Joshua Macabuag OBE, co-founder and CEO of Renew Risk, said: “Currently, forecasts in the offshore wind market are a source of inaccuracy, with many models still relying on proxy data to estimate offshore losses, a limitation that can severely distort risk pricing. The past is not a reliable guide to future risk. By capturing asset-level details of offshore wind farms through an engineering-led approach, our models enable insurers to accurately price risk and deploy capacity with confidence, unlocking the next stage of growth for the European offshore wind industry.” “
According to Renew Risk, the newly launched model is tailored for offshore conditions and integrates offshore wind speed data, the impact of extreme waves and detailed asset-level information to produce more reliable risk assessments.
The company says these features allow for improved calibration of wind conditions, more realistic modeling of potential losses and a comprehensive understanding of exposure across European waters from the Atlantic to the Baltic Sea. The models also include forward-looking insights, covering operational and planned sites up to 2032.
Over the past year, collaboration with Aviva has played a key role in refining the model. Experts from Aviva’s risk management, offshore wind underwriting and risk engineering teams provided practical expertise, enabling Renew Risk to improve the accuracy of its approach to natural disaster risk exposure for its offshore wind assets.
Vicky Kent, Head of Renewables and Engineering at Aviva, said: “As a market leader, Aviva Committed to advancing technology excellence and delivering solutions that give insurers, our clients and brokers greater clarity and confidence in managing offshore wind risk. This collaboration reflects our focus on innovation, strong partnerships and supporting the long-term resilience and insurability of the offshore wind industry. This new model provides clearer and more accurate insights into offshore wind risk, allowing us to better manage aggregation, strengthen underwriting discipline and ultimately deploy enhanced capabilities to support clients, brokers and the global energy transition.”
Another difference Renew Risk highlights is the inclusion of full post-event repair and replacement costs in its catastrophe models. Offshore repairs often require specialized vessels, and mobilizing funds alone can exceed $10 million before work can begin. Unlike the construction phase, where costs are spread across multiple assets, post-event costs are typically incurred as a single claim, an important nuance that is often overlooked in land-based modeling approaches.
The launch is part of Renew Risk’s wider expansion strategy, with other models in development, including one addressing the risk of severe convective storms from solar in the United States. The model builds on the company’s existing suite of models covering offshore wind markets in regions including Taiwan, Japan and the United States.
Since its founding in 2021, Renew Risk has become a dedicated player in the renewable risk analytics space, raising $4.7 million in seed funding at a $16 million valuation.
The company notes that its streamlined development process allows new disaster models to be produced in approximately nine months, much faster than traditional providers. Working with early adopters ensures these models are based on actual underwriting and risk management requirements.
Renew Risk continues to support risk management of global renewable energy portfolios in partnership with major insurance companies and industry players, including Aviva.
The company maintains that increased transparency and enabling more accurate pricing will help unlock insurance capacity, accelerate the rollout of renewable infrastructure and help achieve wider decarbonisation targets.