Natural catastrophe threats on the rise as segment continues to expand

In its latest report titled “A turning point for offshore wind,” Allianz Commercial underscored the industry’s potential for growth, delving into opportunities for expansion, technological breakthroughs, evolving risk patterns, and loss trends within the offshore wind sector.

The undeniable potential of offshore wind as a clean power source for the global energy transition is leading to a rapid surge in investment in the sector, Allianz noted. Installations are scaling up in power capacity, driven by a wave of technological advancements including multi-purpose windfarms, floating installations, and cutting-edge connectivity solutions alongside drone-driven maintenance.

However, developers and their insurance partners face a gamut of risks as they

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