When it comes to offshore wind power, several risk and insurance factors should be reviewed, from installation and repair costs to maritime law constraints.
Offshore wind energy in North America is in the early stages of development, but insurance and risk management in the sector is already well established, at least in Europe.
“We are not starting from scratch,” said Michael Gosselin, global leader for energy and transition risk at Liberty Mutual.
“We already play an active role in the energy transition, from project financing through construction, operation and decommissioning.”
The U.S. has a stated goal of 30 gigawatts of offshore wind generating capacity installed and operating by 2030 ― only six and a half years away.
The next goal is a less definite ‘pathway’ to 110 GW by 2050. To put the scale of that ambition into perspective, there is about 50 gigawatts of installed offshore generating capacity worldwide in 250 developments, as of the middle of 2022, according to the U.S. Department of Energy.
“There is a strong track record for insurance and risk…
