Why floating offshore wind? A working paper from the IMIA

With the world transitioning away from fossil fuels and towards renewable energy sources, wind energy is set to play a key role in this transition.

Today, most wind energy is generated onshore, although offshore wind is gaining in importance as it promises the potential for much higher capacity.

Widespread political support for offshore wind is driving significant growth targets. As a result, it is anticipated that offshore wind will account for ~13% of global electricity production by 2050.

For floating offshore wind, this means the installed capacity is set to grow from less than 0.2GW today to around 250 GW over the next 30 years.

This staggering growth ambition will create significant investment opportunities, but not without significant risk.

In November 2023, the IMIA (International Engineering Insurance Association) published its anticipated working group paper on Floating Offshore Wind Insurance and Risk.

A huge thanks goes to them and all the contributors for this excellent paper.

This included Integra’s Paul Latimer and Szen Ong, who contributed to the following sections:

Section 3 – Floating Wind Technology (Szen)
Section 5 – Maintenance & Repair (Szen)
Section 6 – Risk Mitigation, Certification & Standards (Paul)
Section 8 – Coverage & Claims (Paul & Szen)

We hope you find this paper informative and would love to hear your thoughts…