Renew Risk, a specialist provider of risk analytics for renewable energy assets, has announced the release of its UK & Ireland Windstorm Model (UKWS) and European Windstorm Model (EUWS), marking the first catastrophe models in these regions specifically engineered for offshore wind farms.
The company positions these tools as a major advance for insurers, reinsurers and brokers seeking more precise evaluation of offshore wind risk.
Rapid expansion in offshore wind capacity across Europe is presenting insurers with increasingly complex challenges. Assets are becoming larger and more exposed, while traditional reliance on historical datasets is proving insufficient for accurately assessing future risk. Renew Risk highlights that this gap has led to uncertainty across the insurance market.
Designed for a wide range of stakeholders, the models extend beyond insurance to support banks, developers and planners, helping to inform investment choices and strengthen resilience planning across renewable portfolios.
The company emphasises that the growing scale of infrastructure is a critical factor, with modern turbines now standing between 160 and 230 metres tall, comparable to major London skyscrapers, and increasingly located in deeper offshore environments. At the same time, windstorm patterns are entering a more active phase, contributing to heightened volatility.
Market pressures are already evident, with some insurers reducing capacity for offshore wind projects or raising premiums due to limited confidence in available data. Renew Risk attributes this trend to shortcomings in existing modelling approaches.
Dr. Joshua Macabuag OBE, Co-Founder & CEO, Renew Risk said: “At present, predictions within the offshore wind market are a source of inaccuracy, many models still rely on proxy data to estimate offshore losses—a limitation that can materially distort risk pricing. The past is not a reliable guide to future risk. By capturing the asset-level details of offshore wind farms in an engineering-led approach, our models give insurers the clarity to price risk accurately and deploy capacity with confidence, unlocking the next phase of growth in Europe’s offshore wind sector.”
According to Renew Risk, the newly launched models are tailored specifically for offshore conditions, integrating at-sea wind-speed data, the effects of extreme waves, and detailed asset-level information to produce more dependable risk assessments.
The company states that these capabilities allow for improved calibration of wind conditions, more realistic modelling of potential losses, and a comprehensive view of exposure across European waters, from the Atlantic through to the Baltic. The models also incorporate forward-looking insights, covering both operational and planned sites up to 2032.
Over the past year, collaboration with Aviva has played a key role in refining the models. Specialists from Aviva’s exposure management, offshore wind underwriting and risk engineering teams contributed practical expertise, enabling Renew Risk to enhance the accuracy of its approach to natural catastrophe exposure across offshore wind assets.
Vicky Kent, Head of Renewable Energy and Engineering at Aviva, said: “As a lead market, Aviva is committed to advancing technical 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, more accurate insight into offshore wind risks, empowering us to better manage aggregation, enhance underwriting discipline and ultimately deploy greater capacity to support clients, brokers, and the global energy transition.”
A further distinction highlighted by Renew Risk is the inclusion of full post-event repair and replacement costs within its catastrophe models. Offshore repairs often require specialist vessels, with mobilisation alone potentially exceeding $10 million before work begins. Unlike construction phases, where such costs are distributed across multiple assets, post-event expenses typically arise as a single claim, an important nuance often overlooked in land-based modelling approaches.
The launch forms part of a broader expansion strategy for Renew Risk, with additional models in development, including one addressing severe convective storm risk for solar energy in the United States. This builds on the company’s existing suite of models covering offshore wind markets in regions such as Taiwan, Japan and the US.
Since its founding in 2021, Renew Risk has established itself as a focused player in renewable risk analytics, securing $4.7 million in seed funding at a $16 million valuation.
The company notes that its streamlined development process allows new catastrophe models to be produced in approximately nine months, significantly quicker than traditional providers. Collaboration with early adopters has ensured the models are grounded in practical underwriting and risk management requirements.
Working alongside major insurers and industry participants, including Aviva, Renew Risk continues to support risk management across global renewable portfolios.
The company maintains that improving transparency and enabling more accurate pricing will help unlock insurance capacity, accelerate the rollout of renewable infrastructure, and contribute to wider decarbonisation objectives.
