- GCube to use Renew Risk’s cutting-edge catastrophe risk model software for offshore wind assets to offer more tailored and competitive pricing
- Renew Risk's models are being integrated with Nasdaq’s catastrophe modelling platform
- Renew Risk’s ground-breaking models consider a broad range of factors that affect the risk and liability of offshore wind assets
London, 1st November 2023 — GCube Insurance (GCube), a leading underwriter for renewable energy projects, is partnering with Renew Risk, a leading Software-as-a-Service (SaaS) risk analytics provider, which will strengthen GCube’s capability in offshore wind risk analytics and modelling, benefiting its offshore wind clients.
GCube will use Renew Risk’s cutting-edge catastrophe risk models for offshore wind assets, which are based on advanced physics, data analytics and simulation techniques. The models will help GCube better understand and quantify the complex and interrelated factors that affect the risk and liability of offshore wind assets, such as extreme weather events, natural disasters, inter-connected component damage probabilities, operational failures and expected losses – allowing GCube to offer more tailored and competitive pricing.
Renew Risk's models are being integrated with Nasdaq Risk Modelling for Catastrophes, a SaaS platform providing access to a broad range of catastrophe risk models and services to (re)insurance firms, brokers and financial institutions. Incorporating Renew Risk onto Nasdaq’s platform will significantly enhance users’ ability to assess risk associated with offshore wind farms, estimate losses, compare project risk-return profiles, and efficiently allocate capital.
Renew Risk’s models provide more robust and comprehensive risk analysis for offshore wind assets than traditional methods, which typically use generic or onshore models. Such methods do not account for the specific characteristics of different regions or the nuances of offshore wind infrastructure, which can lead to suboptimal insurance pricing. Instead, Renew Risk’s models are built from a ground up engineering approach and consider a broad range of factors that affect risk and liability, such as the location, age, size, power, and gearbox system of the turbines, the cost and availability of replacement parts and vessels, the downtime and reliability of the operations, and the Business Interruption (BI) losses. These cutting-edge models also offer comprehensive coverage of high-risk regions, encompassing Northeast US hurricanes, Taiwan earthquakes, and typhoons, as well as Japan earthquakes and typhoons.
The two collaborations demonstrate the value and potential of Renew Risk’s transformational offshore wind catastrophe models.
Renew Risk’s models are operationally live and can also be used for other purposes like capacity planning, portfolio management, stress testing and event response.
Fraser McLachlan, CEO, GCube Insurance, said: “We are delighted to partner with Renew Risk. This partnership will enable us to enhance our offshore wind services by using Renew Risk’s pioneering catastrophe models. Renew Risk’s models will help us better understand and quantify the complex catastrophe risks of offshore wind assets, which will allow us to offer more tailored and competitive pricing.”
James Lay, Senior Director, Nasdaq, said: “The extraordinary growth of the offshore wind industry demands an increasingly sophisticated insurance ecosystem to serve it. This is driving a critical need for advanced models capable of accurately assessing risk. As the first models of their kind available in the Oasis format, integrating Renew Risk with Nasdaq’s platform will provide seamless access to the tools necessary to support the continued growth of the sector.
Ashima Gupta, Co-Founder & CEO, Renew Risk, said: “We are excited to partner with GCube Insurance & Nasdaq. These collaborations will enable us to showcase our innovative catastrophe models platformed on Nasdaq, rooted in cutting-edge advanced physics, data analytics and simulation techniques. Our models will assist GCube in enhancing its ability to evaluate and handle intricate catastrophe risks associated with offshore wind assets, ultimately translating into amplified advantages for GCube’s esteemed clients.”
GCube, a member of the Tokio Marine HCC group of companies based in Houston, Texas, is a leading insurance underwriter for renewable energy projects, on- and offshore, around the globe.
Its specialized focus and robust underwriting authority offer unparalleled marine, property and liability coverage for all renewable energy risks. With over 25 years’ experience in the renewable energy sector, GCube understands the unique exposures of these power generation projects and assists its clients in identifying, quantifying and mitigating risk efficiently and economically while helping them achieve their business objectives.
To learn more about how we can support your insurance coverage requirements, please visit our website at www.gcube-insurance.com
About Renew Risk
Renew Risk is a B2B SaaS startup dedicated to improving the end-to-end financial lifecycle (planning, financing and insurance) of renewable energy assets like offshore wind farms. With a passionate team of experts, leveraging deep data science technologies and a deep understanding of industry dynamics, Renew Risk is resolute in its mission to transform the insurance and finance aspects of renewable energy assets, thus shaping a brighter future..
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
Phone: 020 7100 1616
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