Cost cutting in offshore wind farms costs insurers dearly

According to U.K.-based specialist insurer GCube Underwriting Ltd., insurers are exposed to offshore wind farm damage risks as operators increasingly compromise on the design, construction and operations to reduce costs and be more competitive, Renews reported. GCube’s report indicates that the average insurance claims related to offshore wind projects nearly doubled to £3.1 million ($4.3 million) in 2020 from £1.7 million seen in the 2010 – 2015 period.