In a strategic move aimed at bolstering its renewable energy insurance services in Brazil, major international specialty insurer Tokio Marine has entered into a partnership with Clir Renewables (Clir), a global market intelligence platform specialising in wind and solar energy.
The collaboration will leverage Clir’s extensive data and AI-powered analytics to provide data-led risk assessments, thereby improving risk mitigation strategies for Tokio Marine’s portfolio of renewable energy projects in the country.
Tokio Marine currently insures approximately 70% of Brazil’s solar and wind energy markets, accounting for a substantial 32 GW of solar and 24 GW of wind capacity.
Their portfolio encompasses 50 renewable energy sites, including 28 wind farms and 22 solar plants. To better assess and manage risks across this diverse array of projects, the insurer sought a more accurate and transparent means of evaluating potential liabilities and claims.
Clir Renewables will play a pivotal role by utilising its wealth of project-specific data and a vast database of 200 GW of industry wind and solar risk data.
Combining advanced AI technology with decades of technical expertise, Clir will offer Tokio Marine comprehensive insights into risk assessment. The platform will identify and prioritise the highest catastrophic risks and recommend best-practice strategies for risk mitigation.
One of the key advantages of this partnership is the ability to facilitate transparent communication between insurers and the insured regarding 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.
Felipe Smith, Executive Director of Corporate Products at Tokio Marine, highlighted the importance of this collaboration in navigating the complex world of corporate insurance: “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, emphasised their shared mission to enhance transparency and reduce risks in the renewable energy sector: “Our ongoing work with Tokio Marine is an example of the good that can come from strong relationships between insurers and data providers. 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 analyzing them in the correct way.”
