Tokio Marine unveils renewables mapping for Brazil

Tokio Marine has partnered with Clir Renewables (Clir), the global market intelligence platform for wind and solar, to provide data-led risk assessments for its renewables insurance services in Brazil.

Tokio Marine insures approximately 70% of Brazil’s respective 32 GW solar and 24 GW wind markets. Its portfolio currently comprises 50 renewable energy sites throughout the country, including 28 wind farms and 22 solar plants. With a broad array of projects, the carrier said that a wider perspective of risk and operational data was needed to make more accurate market comparisons, creating transparency in claims occurring in assets of similar technologies.

Leveraging project-specific data and Clir’s 200 GW of industry wind and solar risk data, alongside advanced AI and decades of technical expertise, Clir is providing the insurer with risk insights, using data to identify the highest catastrophic risks and best-practice strategies for risk mitigation. Clir’s dataset also provides context: both by benchmarking against similar assets, and by highlighting industry-tested best practices to mitigate risks.

Felipe Smith, executive director of Corporate Products at Tokio Marine, said: “Identifying, analysing and knowing how to resolve highly varied risks is what makes the difference in the corporate insurance market… the service ensures that the client receives essential guidance on risks and how to best protect themselves.”

Craig McCall, chief revenue officer at Clir Renewables, added: ”In the field of renewable energy, risk is one of our greatest enemies. Assumptions are made in the design phase, operations can suffer from a lack of transparency and data is often used out of context. It’s our mission to enable transparency to understand and mitigate risks, leading to improved project returns.”