SOMPO DEVELOPS FIRST WIND FARM MODEL

Japanese insurer Sompo Japan Nipponkoa Insurance has launched a model for evaluating risks to onshore and offshore wind farms. The model, created by Sompo in collaboration with the University of Tokyo, provides pricing and cat modelling data for insuring the construction and operation of wind turbines. The company says it is the first such model to be launched. Initially it will cater for risks in Japan, followed by the North Sea and Asia later in the year. Marek Shafer, head of catastrophe management at Sompo’s Lloyd’s unit, Sompo Canopius, said: “The quantitative evaluation of risks associated with wind farms is still in its infancy and the development of this model is an important step forward.”