Tokio Marine partners with Clir on renewable energy insurance
Global specialty insurer Tokio Marine has partnered with Clir Renewables, a market intelligence platform for wind and solar, to provide data-led risk assessments for its renewables insurance services in Brazil.
Clir provides risk insights: leveraging AI-powered analytic software and benchmarking data to identify the major technology and natural catastrophe risks, while providing a means for transparently communicating policy decisions between the insurer and insured.
Tokio Marine insures approximately 70% of Brazil’s respective 32 GW solar and 24 GW wind markets. Its portfolio currently comprises 50 renewable energy sites throughout the country, including 28 wind farms and 22 solar plants. With a broad array of projects, a wider perspective of risk and operational data was needed to make more accurate market comparisons, creating transparency in claims occurring in assets of similar technologies.
Leveraging project-specific data and Clir’s 200 GW of industry wind and solar risk data, alongside advanced AI and decades of technical expertise, Clir will provide the insurer with comprehensive risk insights, using data to identify the highest catastrophic risks and best-practice strategies for risk mitigation.
By providing clear insights into potential risks to asset health, transparent communication of these risks becomes possible between insurers and the insured. Clir’s extensive dataset provides the insurer with context: both by benchmarking against similar assets, and by highlighting industry-tested best practices to mitigate risks. This empowers Tokio Marine to conduct even more precise underwriting and allocate suitable insurance coverage.
Felipe Smith, executive director of corporate products at Tokio Marine, said: “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.
“Without a doubt, this partnership with Clir gives us a great competitive advantage in a sector whose demand for insurance is only continuing to grow. We want to be the gold standard for renewable energy, providing excellent solutions that respond to the changing energy matrix in the country.”
Craig McCall, chief revenue officer at Clir Renewables, added: ”In the field of renewable energy, risk is one of our greatest enemies. Assumptions are made in the design phase, operations can suffer from a lack of transparency and data is often used out of context. It’s our mission to enable transparency to understand and mitigate risks, leading to improved project returns.
“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.”
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