Sompo launches first onshore & offshore wind farm risk model

Sompo Japan Nipponkoa Insurance (SJNK), Sompo Risk Management & Health Care (SRMHC) and Sompo Canopius has launched what it claims to be the world’s first model for evaluating risks to onshore and offshore wind farms.

The model, created by the Sompo group companies in collaboration with the University of Tokyo, provides key pricing and cat modelling data for insuring the construction and operation of wind turbines. Taking into account perils such as wind, lightning, wave, and electrical and mechanical breakdown, the model is able to provide valuable risk insight to insurers as well as renewable energy companies.