Uncharted Waters

Uncharted Waters: Navigating emerging risks and rising claims in global offshore wind is GCube’s latest client report, covering the increasingly complex claims landscape in the global offshore wind sector.
Increasing focus on cost-competitiveness has led to prolific cost-cutting in the design, manufacture, construction and operation of offshore wind over the past decade – coming increasingly at the expense of quality control, driving up the frequency and severity of insurance claims in the sector and putting pressure on a strained insurance market.
Corrective action is needed not only to incentivise quality control processes and accountability for financial losses throughout the offshore wind supply chain in the next phase of industry growth, but also to promote fairer and more sustainable policy pricing, terms & conditions and deductibles from the insurance market.
“The insurance sector must take a more unified approach to writing offshore wind insurance, and the supply chain must accept its share of liability” – Fraser McLachlan, CEO GCube
Uncharted Waters includes:
  • Claims data from across the offshore wind industry from the period 2010 to 2020
  • Focus chapters on emerging trends and challenges, quality control, risk allocation, and budding Asian and American markets from GCube’s specialised offshore wind insurance team
  • An interview with Matt Yau, Director at Lloyd Warwick International, on the increasing incidence and impact of defective designs in offshore wind
  • Recommendations for offshore wind insurers, brokers, and developers for improving quality control and transparency for the renewed sustainability of offshore wind insurance
The report is available exclusively to GCube clients and will be made available upon request from Monday 8th November.

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