Renew Risk launches first catastrophe models purpose built for Europe’s offshore wind farms
Dr Joshua Macabuag, CEO at Renew Risk
9 April 2026 - Renew Risk, the leading provider of risk analytics for renewable energy assets, today launched its UK & Ireland Windstorm Model (UKWS) and European Windstorm Model (EUWS), the first catastrophe models in these regions, purpose-built specifically for offshore wind farms, giving insurers, reinsurers and brokers a step-change in offshore wind risk assessment.
As offshore wind scales rapidly across Europe, insurers face a growing challenge: assessing risk for assets that are larger, more exposed, and not accurately captured by historical data.
The models are designed to support not only insurers and reinsurers, but also banks, developers and planners, enabling better investment decisions and resilience planning across renewable portfolios.
Modern turbines now reach 160–230 metres—towering on the scale of London’s Leadenhall Building (“the Cheesegrater”)—and are deployed in deeper offshore environments, while windstorm activity is entering a more active cycle, creating a more volatile risk landscape.
This uncertainty is already impacting the insurance market, with some providers limiting offshore wind farm capacity or increasing premiums due to a lack of reliable data.
“At present, predictions within the offshore wind market are a source of inaccuracy, many models still rely on proxy data to estimate offshore losses—a limitation that can materially distort risk pricing. The past is not a reliable guide to future risk. By capturing the asset-level details of offshore wind farms in an engineering-led approach, our models give insurers the clarity to price risk accurately and deploy capacity with confidence, unlocking the next phase of growth in Europe’s offshore wind sector.”
Renew Risk’s new models are purpose-built for offshore wind farms, incorporating at-sea wind-speed measurements, extreme wave impacts and asset-level detail to deliver a more accurate and reliable assessment of risk.
At a time when insurers are under pressure to deploy capacity with greater confidence, the models enable:
More accurate wind calibration, using at-sea measurements rather than onshore approximations.
Improved loss modelling, through the inclusion of extreme wave impacts in offshore environments.
Asset-level risk assessment, covering turbines, cables and substations across portfolios.
A more complete view of exposure, spanning key European basins from the Atlantic to the Baltic.
Forward-looking risk insights, including both existing and planned sites through to 2032.
Over the past 12 months, specialists from Aviva’s Exposure Management, Offshore Wind Underwriting and Risk Engineering teams have provided extensive consultation on the new models, bringing real-world insights to Renew Risk’s domain experts, with the mutually beneficial exchange of information resulting in a more precise understanding of natural catastrophe exposure across UK and European offshore wind assets.
“As a lead market, Aviva is committed to advancing technical excellence and delivering solutions that give insurers, our clients and brokers greater clarity and confidence in managing offshore wind risk. This collaboration reflects our focus on innovation, strong partnerships and supporting the long-term resilience and insurability of the offshore wind industry. This new model provides clearer, more accurate insight into offshore wind risks, empowering us to better manage aggregation, enhance underwriting discipline and ultimately deploy greater capacity to support clients, brokers, and the global energy transition.”
Renew Risk’s catastrophe models also account for the full cost of post-event repair and replacement in offshore environments, where mobilising specialist vessels can cost upwards of $10 million before work begins. Unlike construction, where these costs are spread across a fleet of assets, post-event costs are incurred as a single claim, a distinction often missed by onshore-based approaches.
The launch forms part of a broader product expansion strategy, with additional models— including a US severe convective storm risk model for solar energy—scheduled for release, extending Renew Risk’s coverage across key global renewable energy markets. This launch further strengthens Renew Risk’s established portfolio of existing models addressing offshore wind risk across other global markets, including Taiwan, Japan, and the US.
Founded in 2021, Renew Risk has rapidly established itself as a specialist in renewable risk analytics, raising £4.7 million in seed funding at a £16 million valuation. The company’s agile approach enables it to develop new catastrophe models in around nine months, significantly faster than traditional providers, whose timelines often exceed three years. The models have been developed and validated in collaboration with early market adopters, ensuring they reflect real-world underwriting and risk management needs.
Renew Risk works with leading insurers and market participants, including Aviva, supporting underwriting and risk management across global renewable portfolios.
By improving risk transparency and enabling more accurate pricing, Renew Risk aims to unlock insurance capacity, accelerate renewable infrastructure deployment, and support global decarbonisation goals.
To learn more about the new models and their impact, register for Renew Risk’s upcoming webinar with Oasis LMF on Wednesday 15th April, 10:00 am
Our UK & Europe models represent the latest additions to our existing suite of industry-leading natural catastrophe risk models. Check out our full product portfolio to learn how we’re helping manage the risks of earthquakes, tropical cyclones and windstorms to offshore wind farms across Taiwan, Japan and the US.
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![A comprehensive view of windstorm risk to offshore wind farms around the UK.]()
UK Windstorm Model
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![Europe Windstorm Model]()
Europe Windstorm Model
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![Access specialist risk intelligence for offshore wind farms located around earthquake-prone Japan.]()
Japan Earthquake Model
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![Japan Typhoon Model]()
Japan Typhoon Model
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![Taiwan Earthquake Model]()
Taiwan Earthquake Model
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![Taiwan Typhoon Model]()
Taiwan Typhoon Model
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![US Hurricane Model]()
US Hurricane Model
About Renew Risk
Renew Risk is the leading risk management provider for renewables. Combining scientific expertise with an asset-first approach, we provide unparalleled depth to renewable energy risk intelligence to deliver the insights the market needs to understand, quantify and manage the risks to the assets in their portfolio at pace. Together with our clients and industry-leading partners, Renew Risk is building resilience into the energy transition.