This collaboration marks a significant step in leveraging Clir’s wealth of data and cutting-edge AI-powered analytics to drive data-driven risk assessments, ultimately enhancing risk mitigation strategies for Tokio Marine’s extensive portfolio of renewable energy projects in the country.
Currently, Tokio Marine holds a dominant position, insuring approximately 70% of Brazil’s solar and wind energy markets, encompassing a substantial 32 GW of solar and 24 GW of wind capacity. Their portfolio comprises an impressive 50 renewable energy sites, comprising 28 wind farms and 22 solar plants.
To better navigate the complexities of assessing and managing risks across this diverse array of projects, the insurer sought a more accurate and transparent method of evaluating potential liabilities and claims.
Clir Renewables assumes a pivotal role in this partnership by drawing upon its wealth of project-specific data and an expansive database of 200 GW of industry wind and solar risk data. Through the fusion of advanced AI technology with decades of technical expertise, Clir will provide Tokio Marine with comprehensive insights into risk assessment, enabling the identification and prioritisation of the highest catastrophic risks while recommending best-practice strategies for risk mitigation.
One of the notable advantages of this collaboration lies in its ability to facilitate transparent communication between insurers and the insured, offering a clear understanding of potential risks to asset health. Clir’s extensive dataset will not only benchmark against similar assets but also highlight industry-tested best practices for risk reduction. This empowers Tokio Marine to conduct more precise underwriting and allocate appropriate insurance coverage.
As Tokio Marine and Clir Renewables embark on this groundbreaking partnership, the renewable energy insurance landscape in Brazil is set to benefit from enhanced accuracy, transparency, and risk mitigation strategies, underscoring the industry’s commitment to driving sustainable energy initiatives.
Felipe Smith, Executive Director of Corporate Products at Tokio Marine, explained: “Identifying, analyzing, and knowing how to resolve highly varied risks is what makes the difference in the corporate insurance market In order to provide the perfect balance of performance and risk mitigation, the only answer was to partner with Clir. The service ensures that the client receives essential guidance on risks and how to best protect themselves.”
Craig McCall, Chief Revenue Officer at Clir Renewables, said: “Our ongoing work with Tokio Marine is an example of the good that can come from strong relationships between insurers and data providers.”
He added: “ We believe that wind and solar claims can be avoided — and the solution is not to increase the customer’s policy premium, but to reduce risks by analysing them in the correct way.”
