According to the Japanese government recent energy policy announcement, by 2040, a large number of offshore wind projects are likely to be set up along the coastline and territorial sea waters of Japan. Offshore wind projects entail complex risk exposures as offshore construction and operation is involved and requires a high standard of risk management expertise at all stages, commencing from design and procurement of insurance and claim handling. Offshore wind projects are prevalent in Europe and the U.S. with the global insurance market underwriting these risks. However, the expertise and experience in those markets may not always be straightaway applicable to risks in Japan where the landscape is prone to different perils such as deep water, typhoons and sea and earthquakes. Wind offshore projects are fast gaining traction in Japan and insurance markets in Japan are still in the learning curve.
Marnix has acquired substantial expertise in this field having handled projects in both Europe and Japan including Fukushima floating offshore and Akita offshore projects, which is Japan’s first major commercial project. We provide our clients with risk management advice for offshore wind farm projects and offer a unique proposition integrating advanced western expertise into Japanese projects.