Aviva is Backing Offshore Wind Generation Research

There is a strong argument that in a small group of islands like Britain onshore wind turbines and solar panels take up valuable farmland and housing development space. That means offshore green energy can make more longterm sense. Here’s the word from Aviva;

Aviva and Supergen Offshore Renewable (ORE) Hub are partnering with the University of Exeter to fund a groundbreaking four-year PhD project, creating a novel risk management framework for offshore wind construction and operations insurance programmes.

Due to the rate of growth and innovation of offshore wind turbines, many wind farms are using different types of technology, including new innovations, which have a limited track record in terms of construction and operational experience. This means that insurance programmes for offshore wind farms are regularly adapting their risk management approach to ensure the best possible risk profile is captured, often working on assumptions and historical trends.

The PhD project will help to overcome this issue by challenging existing insurance risk management practices applied to the construction and operation of offshore wind farms. The new framework will play an important role in mitigating construction and operational risks associated with these projects. In addition, it will be valid for the current global fleet of offshore wind farms, as well as adaptable for future projects using new technologies.

This novel risk management approach will help Aviva to continue evolving its underwriting strategy and decision-making process for the placement of offshore wind insurance programmes, ensuring focus remains on factors that account for the most significant losses.

The research student will undertake a number of placements over their four-year course, with Aviva Risk Management Solutions (ARMS), which is providing overall oversight of the project. This will help the student to become familiar with the data Aviva handles, existing data analysis tools and pinch points linked to risk assessing offshore wind submissions.

The project is guided by a steering committee of key stakeholders from the offshore wind sector, McGill & Partners, a specialty insurance and reinsurance broker, and the Offshore Renewable Energy Catapult. Each committee member brings a different perspective, helping to shape the project with insights from clients, brokers and the sector.

Matt Washington, Managing Director of Global, Corporate & Specialty at Aviva, says:

“By funding this PhD project, we are not only supporting cutting-edge research but also enhancing our ability to manage risks in the offshore wind sector. This research has the potential to minimise risks for our customers and identify emerging technologies that will shape the future of offshore energy, making the transition to renewable energy easier and helping the UK get ready for the future.”