Yesterday (Sep 20, 2023), leaders from 34 governments along with seven non-government bodies, including Californian governor Gavin Newsom, London mayor Sadiq Khan, the World Bank president, the Chief Executive of insurer Allianz, and the head of the UN’s Green Climate Fund, addressed the summit.

This new report, ‘A turning point for offshore wind’, highlights growth opportunities, tech innovations, risk trends, and loss patterns for the global industry. Damage to cables is the top cause of insurance claims, followed by turbine failure. Speed of build-out is creating pressure on materials and supply chains, port infrastructure, and available construction and maintenance vessels. Bigger turbines and new technology drive bigger exposures for insurers which need to be understood in partnership with developers. Weather and natural catastrophe risks are increasing as sector expands into new territories.

Hailstorms across the Alpine region that shattered roofs and cars, heavy rainfall throughout Europe flooding homes and a devastating earthquake in Morocco – this summer has seen its fair share of natural disasters that led to severe damages of peoples’ property. But what if we could offer an individually tailored view on natural hazard risk to homeowners and support them in perhaps preventing some of the damage that floods, storms, wildfires and earthquakes can bring? Introducing our individual risk assessment tool.