This new module is available either as an add-on for existing clients or as a standalone product for new clients.
The latest update to Sequel Impact incorporates the comprehensive worldwide offshore windfarm dataset curated by Clarksons, the world’s largest shipping services provider.
By leveraging Clarkson’s data, insurers gain a holistic view of their sites, including details on the number, make, location, and size of turbines. This enables insurers to:
- Assess and manage risks more effectively
- Identify potential future issues
- Make informed decisions on underwriting and reinsurance
- Respond proactively to incidents and manufacturing defects
To meet increasing demand, enhanced reporting capabilities have been introduced, including a map overlay view as an alternative to the traditional table layout. This feature allows users to visually locate faulty turbines, aiding in the identification of exposure clashes and coverage limits. For instance, if a manufacturer recalls a specific turbine part, Sequel Impact’s module enables insurers to determine how many of that model are in use and their exact locations. Additionally, a specialised filter for visualising cables—crucial for insurers as they account for the majority of claims—will provide valuable new insights.
Graham Pickard, Exposure Management Product Leader at Verisk’s Sequel Impact, commented: “In the rapidly evolving landscape of energy insurance, offshore renewables will only continue to grow. We are excited about the opportunities this new module presents—giving insurers a 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 is proud of its role in supporting insurers as they transition to a new low-carbon era.”
Steve Gordon, Global Head at Clarksons Research, added: “At Clarksons, we believe offshore wind will play a vital role 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. 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.
