Over 400 reinsurers and representatives from around the world will be convening in Japan from the 20 -24 October to coordinate support for the unique risk challenges facing Japan's renewable energy expansion.
Tokio Marine & Nichido Fire Insurance, property & casualty insurance subsidiary of Tokio Marine Holdings, the largest non-mutual private insurance group in Japan, has taken the initiative to bring together renewable energy expertise and reinsurance capacity from the energy and international reinsurance industries to support Japan's next phases of major offshore wind projects.
Japan's commitment to carbon neutrality by 2050 requires offshore wind capacity to reach 30GW - 45 GW by 2040 will create an estimated $2-3bn premium opportunity for international reinsurance capacity. Japan's projects face distinct risks from natural catastrophes, severe lightning strikes, complex geological conditions, and ocean swells that can impact multiple installations simultaneously.
The initiative focuses on:
- Bridging international capacity and insights with Japan-specific risk expertise to address natural catastrophes, lightning, and geological conditions not observed in European markets
- Developing international insurance standards for floating offshore wind power
- Facilitating increased capacity provision by bringing together global reinsurers, brokers, loss adjusters, and marine surveyors with Japanese project developers
- Leveraging Tokio Marine Group capabilities through TMNF and TMGX to support Japan's renewable energy transformation
Tokio Marine & Nichido Fire Insurance head of marine hull & energy, general manager, marine underwriting dept, Hiro Ishijima said that they are hosting this event to support the sustainable growth of Japan's offshore wind sector by bringing together international capacity and insights with local market knowledge. “Japan's offshore wind industry faces distinct risks and technical challenges requiring specialised insurance solutions. Having underwritten over 110 offshore wind projects worldwide, we are ideally positioned to bridge Japanese market expertise with additional international capacity," he said.