Swedish Wind Power Loss Scenarios & Learning

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Swedish Wind Power Loss Scenarios & Learning

June 15, 2020

* / / / / Anders Orebrandt

marsh & Mclennan

COMPANIES

  1. KEY TAKEAWAYS
  2. TYPE OF DAMAGE
  3. MOST FREQUENTLY REPORTED COMPONENT DAMAGE
  4. MOST EXPENSIVE COMPONENT DAMAGE
  5. AVERAGE AND MAXIMUM CLAIM FOR COMPONENT DAMAGE

Blade damage is the most common claim

Mechanical breakdown is still the most common cause for a claim on a turbine

Average insurance claim on the Swedish market is 36,000 EUR

A blade failure average cost is EUR 83,500.

The information in this report is based on 1500 turbines in operation onshore in Sweden during the period 2015-2020.

All costs in this report are excluding deductibles.

Both cost for property and business interruption are included

The report is based on +300 claims.

  • Mechanical failure is still the most common claim.

Theft

3%

Legal aid 2%

Fire

2%

Storm

1%

Electrical failure 4%

Various losses 5%

Lightning

15%

  • All theft damages refers to copper cable (within the turbine) thefts.
  • Blade failures fall into the categories: lightning, various losses, storm and some in mechanical failures

 

  • Blade damage is increasing both in frequency and cost.

External Foundation substation 1% Transformer 2%

4%

Generator

10%

Electronics

21%

Yaw

7%

  • We still see that gearbox damages is a common claim.
  • As turbines are increasing in size the cost for blades are also increasing.

External Generator substation 2%  5%

Transformer

1%

Electronic

6%

Yaw

3%

Gearbox

18%

  • One explanation for gearbox costs being less than blades costs can be that costs for gearboxes fall into the scope of the O&M agreement.

 

Lightning damage

Blade damage

 

EUR 350 000 EUR 300 000 EUR 250 000 EUR 200 000 EUR 150 000 EUR 100 000 EUR 50 000 EUR -

EUR 800 000 EUR 700 000 EUR 600 000 EUR 500 000 EUR 400 000 EUR 300 000 EUR 200 000 EUR 100 000 EUR -

 

Average claim cost

Maximum claim cost

Average claim cost

Maximum claim cost

 

t* MARSH

Marsh is one of the Marsh & McLennan Companies, together with Guy Carpenter, Mercer, and Oliver Wyman.

This document and any recommendations, analysis, or advice provided by Marsh (collectively, the “Marsh Analysis”) are not intended to be taken as advice regarding any individual situation and should not be relied upon as such. The information contained herein is based on sources we believe reliable, but we make no representation or warranty as to its accuracy. Marsh shall have no obligation to update the Marsh Analysis and shall have no liability to you or any other party arising out of this publication or any matter contained herein. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, tax, accounting, or legal advice, for which you should consult your own professional advisors. Any modeling, analytics, or projections are subject to inherent uncertainty, and the Marsh Analysis could be materially affected if any underlying assumptions, conditions, information, or factors are inaccurate or incomplete or should change. Marsh makes no representation or warranty concerning the application of policy wording or the financial condition or solvency of insurers or reinsurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Although Marsh may provide advice and recommendations, all decisions regarding the amount, type or terms of coverage are the ultimate responsibility of the insurance purchaser, who must decide on the specific coverage that is appropriate to its particular circumstances and financial position.

 

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