Vancouver-based Clir Renewables Announces Partnership With 39,000 Employee Tokio Marine to Provide Data-Led Risk AssessmentsTuesday, September 26, 2023
Tokio Marine Partners With Clir on Brazilian Renewable Energy Insurance
Leveraging 200 GW of claims data, Clir Renewables will accurately map risks and mitigation strategies for the insurer across 50 projects in the country.
Vancouver, BC, September 26, 2023--(T-Net)--Vancouver-based Clir Renewables (Clir), evelopers of a global market intelligence platform for wind and solar, has announced a new partnership Tokio Marine, a major international specialty insurer with 39,000 employees across 38 countries, to provide data-led risk assessments for its renewables insurance services in Brazil.
Beginning in July 2023, Clir is providing its Risk Survey product to accurately identify and map project risks, highlight mitigation strategies, and ensure full clarity of communication between insurer and insured.
Tokio Marine Seguradora insures approximately 70% of Brazil's respective 32 GW solar and 24 GW wind markets. Its portfolio currently comprises 50 renewable energy sites throughout the country, including 28 wind farms and 22 solar plants. With a broad array of projects, a wider perspective of risk and operational data was needed to make more accurate market comparisons, creating transparency in claims occurring in assets of similar technologies.
Leveraging project-specific data, Tokio Marine's insurance data and Clir's 200 GW of wind and solar risk data, alongside advanced AI and decades of technical expertise, Clir is providing the insurer with comprehensive risk quotations and surveys, using data-driven insights to identify the highest catastrophic risks and form optimal strategies for risk mitigation.
By providing clear insights into potential risks to asset health, accurate communication of these risks becomes possible between insurers and the insured.
Clir's extensive dataset provides the insurer with context: both by benchmarking against similar assets, and by highlighting industry-tested best practices to mitigate risks. This empowers Tokio Marine Seguradora to conduct even more precise underwriting, allocate suitable insurance coverage, and lower its overall policy costs.
Felipe Smith, Executive Director of Corporate Products at Tokio Marine Seguradora, said: "Identifying, analyzing, and knowing how to resolve highly varied risks is what makes the difference in the corporate insurance market. In order to provide the perfect balance of performance and risk mitigation, the only answer was to partner with Clir. The service ensures that the client receives essential guidance on risks and how to best protect themselves.
"Without a doubt, this partnership with Clir gives us a great competitive advantage in a sector whose demand for insurance is only continuing to grow. We want to be the gold standard for renewable energy, providing excellent solutions that respond to the changing energy matrix in the country."
Craig McCall, CRO at Clir Renewables, added: "In the field of renewable energy, risk is our greatest enemy. Assumptions are made in the design phase, operations can suffer from a lack of transparency and data is often used out of context. It's our mission to develop products that help to structure risk data in an intelligent, accurate, but also intuitive way. Clir Risk Survey is the culmination of that mission.
"Our ongoing work with Tokio Marine is an example of the good that can come from strong relationships between insurers and data providers. We believe that 75% of claims related to wind and solar projects can be avoided — and the solution is not to increase the customer's policy premium, but to reduce risks by analyzing them in the correct way."
Clir accelerates renewable energy production, improving the economics of projects and ultimately reducing human impact on the planet by further incentivizing the shift away from fossil fuels.
Combining the industry's largest contextual operational dataset of more than 200 GW — with powerful AI that is built, designed, and supported by decades of renewable energy expertise — Clir provides investors and renewable energy professionals with the insights and tools they need to assess and optimize wind and solar projects.
Founded in 2017, the company works with renewable energy investors and their asset managers across Europe, Africa, the Americas, and Asia.
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