Strengthening knowledge as the market continues to change

Did you know, the first offshore wind farm, constructed at Vindeby off the coast of Denmark in 1991, comprised of turbines with a capacity of a mere 450kW?

 

This is a far cry from GE’s Haliade- X which hits a tremendous 14 MW. But this is not even the biggest anymore. Vestas’ launch of the V236-15.0MW will bump the offshore wind turbine record up another MW.

 

As we can see, the Offshore Wind market is one that is growing without rest. But with such high potential comes high-risk, threatening its impressive prospects. Unsustainable risk and insurance could significantly threaten future growth.

 

By strengthening our knowledge with the latest expertise and insights, we can create a sturdy insurance market that will support the growth of the next decade. This will be vital to tackling the insurance claims that emerge as markets develop.

 

At GCube, we are committed to sharing our insights, and as part of this, we are thrilled to be launching our latest report “Uncharted Waters: Navigating emerging risks and rising claims in global offshore wind”. Delving into our long-term track record, this report highlights the challenges, trends and potential opportunities in the offshore wind sector.

 

We are not revealing one-off instances, but recurring faults that we need to prepare ourselves and our insureds to address. Through sharing our insights, we hope to further open up conversation, transparency, and cooperation between all stakeholders in the market.

 

As part of our constant ambition to gain the best expertise to strengthen our knowledge, we are pleased to be bolstering our team both in our US and UK offices with new joiners Timothy Rolland, Jake Rowland and Landis Knorr.

 

We are also taking steps to continue developing our people and building out our current skills, with Evan Hobbs and Andrew Truong now taking up senior positions as Associate Underwriters specialising  in Onshore Wind and Solar.

 

These are just two examples of how our team has been learning and adapting to the new demands of the market. We are staying agile so that we can understand and address each claim as it is positioned within the market now, rather than how it would be estimated one, five or ten years ago. We’re equipping ourselves with the best insights and the best people so that we can continue to advise our insureds with latest and sharpest understanding of what’s going on in the market.

 

At GCube, we believe in the motto that a company is only as strong as its people. With our team of specialists, we are proud to consider our business and the people behind it as one and the same. We can be sure of our unrivalled market expertise, and pride ourselves on the work we can achieve for our customers.

 

We also recognise and value the power of networking and collaborative learning. These past few weeks, we have been working hard to get connected in real-life, in-person events once more, and it’s been a pleasure to delve back into that side of our business. Looking forwards, we want to bring this back to life, circumstances allowing.

 

In this edition, we are thrilled to be announcing our latest report in offshore wind – ‘Uncharted Waters’, – and to fill you in on our most recent get-together in Edinburgh and our upcoming event in November.

 

Fraser McLachlan

CEO, GCube Underwriting Ltd.