In its new report, A Turning Point for Offshore Wind, Allianz Commercial highlights growth opportunities, tech innovations, risk trends and loss patterns for the offshore wind industry as the sector prepares for global growth. Developers and their insurers need to manage a range of risks to successfully scale offshore wind globally. Cables for offshore wind industry a top cause of claimsIn one of its largest offshore wind insurance markets, Germany and Central Eastern Europe, Allianz Commercial has seen 53% of offshore wind claims by value from 2014 to 2020 relate to cable damage, followed by turbine failure as the second major cause (20%). While most offshore wind power is currently ‘fixed-bottom’, the development of leading-edge floating wind technologies in deeper ocean waters is poised for commercialisation. Wind turbines with capacities of 8 or 9MW are common, but newer models reach 14 to 18MW, with a wind farm project in Australia recently announcing plans to use 20MW turbines.

Source: The North Africa Journal September 21, 2023 09:13 UTC