AXIS View on Offshore Wind

The offshore wind industry continues to be an engine for change and technological innovation. With expansion into new territories, projects and turbines continuing to grow in size, and developments in floating wind opening up access to the most powerful wind resource in the ocean – the growth potential of offshore wind is becoming much clearer.

As specialists in insuring the renewables sector, we share the optimism for the future of wind energy while being mindful of the risks and challenges the sector needs to navigate to realize its potential.

A challenge throughout 2022 and 2023 has been an unexpected increase in vessel collisions caused by both heavy storm and human error. While we hope this is not the beginning of a long-term trend, as the number of offshore wind farms increases, we are keeping a close eye on how this develops. Alongside this new issue the offshore sector has also continued to be affected by seabed cable movements due to issues with cable protection systems.