AXIS GLOBAL ENERGY - OFFSHORE REPORT - FEBRUARY 2026
Key Findings Summary
1
Since 2021, more than half (57%) of claims by count were found to be related to wind turbines (exclusive of foundation and transition piece), accounting for the greatest proportion of total incurred losses at 37%.
2
In terms of claims by count, inter array cables were a distant second at 14%. They also accounted for 14% of total claim amount.
3
Export cables make up only 6% of claims by count but represent the largest average claim at $18.8M, largely due to loss of revenue.
Wind turbine foundation claims follow with an average claim of $7.4M, reflecting the high costs associated particularly with pile running and pile rejection events.
4
More than two thirds of wind turbine claims by count relate to damage occurring to the drive train, with one third relating to the generator.
5
Operational phase claims increased in frequency over the period analyzed, while construction phase claims were largely steady throughout with an average claim of $6.4m—or $2.1m greater than the average operational claim.
The vast majority (>96%) of AXIS Global Energy claims featured in this analysis are CAR (Construction All Risks) and OAR (Operations All Risks), both of which require a physical damage trigger before physical damage costs and business interruption (loss of revenue) cover is provided. Additional claims include offshore and third party liability claims, as well as marine cargo.
- Wind Turbine – Inclusive of tower, rotor nacelle assembly and electrical systems up until the wind turbine switchgear
- Wind Turbine Foundation – Inclusive of piles, foundation structure, transition piece, landing platform and davit crane
- Export Cable (Offshore) – Inclusive of HVAC and HVDC subsea export cables between the offshore substation and transition joint bay, also features export cable conduits (intertidal pipes) and CPS
- Export Cable (Onshore) – Inclusive of HVAC and HVDC onshore export cables between the transition joint bay and onshore substation
- Inter Array Cable – Inclusive of MVAC subsea export cables between the wind turbine and offshore substation
- Onshore Substation – Inclusive of onshore electrical balance of plant, O&M building and foundations
- Offshore Substation – Inclusive of topside, electrical balance of (to the cable drop) and foundations
- Other – Includes TPL and CBI claims (TSO outages), in addition to lost or damaged contractor equipment, vessel damage and civil engineering works not directly related to the other project areas listed
