Renew Risk, a risk modelling and analytics firm, has launched two new earthquake and typhoon models for offshore wind farms in Japan.

Specifically designed for Japan’s disaster-prone offshore wind sector, these are the first and only commercially available catastrophe models launched as the country focuses on expanding its wind power capacity as part of its decarbonisation strategy.

Renew Risk’s cat models are the first attuned to at-site parameters, offering an unparalleled approach for risk professionals to understand, quantify and manage risk to the country’s offshore wind farms, the firm explains.

Dr Joshua Macabuag, Chief Product Officer and Co-Founder of Renew Risk, said: “The Japanese Government has big plans to grow offshore wind, so it’s important for risk and energy professionals to quantify the portfolio-level risks to those infrastructure assets.

“With our world-leading team of offshore wind and cat-risk experts, we have delved into the specifics of Japan’s earthquake and typhoon risk to develop the world’s first cat models built specially for the country’s pipeline of assets (including never-before built technologies such as specific floating foundation turbines).”

The Japan Typhoon Offshore Wind Farm Model was designed to combine both stochastic – outcomes based upon random probability – and historic event sets in the only cat model for the region to include wave height and wind speed using local calibrations.

Built using detailed physics-modelling, Renew Risk’s Japan Earthquake Offshore Wind Farm Model is unique in its inclusion of ground shaking, submarine liquefaction and landslide.

The two Japan models add to the firm’s existing portfolio of renewable energy focussed catastrophe models – US Hurricane, Taiwan Typhoon and Taiwan Earthquake,

“Our aim is to enable insurers, lenders and asset developer/owner/operators to reduce uncertainty and enable improved financial and physical planning, building resilience into the energy transition,” added Dr Macabuag.

Renew Risk aims to launch models for additional regions and peril in the coming months.

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