Renew Risk

ACCELERATE TRANSITION TO RENEWABLE ENERGY

Renew Risk provides science-driven B2B fintech SaaS solutions to improve the financing, planning & insurance of offshore wind farms. Their modelling software assesses the risk of natural catastrophes to offshore wind farms across the globe – enabling the quantification of risk and pricing of insurance products. Large infrastructure projects with insurance are more attractive to institutional investors, unlocking the financing needed to accelerate our transition to renewable energy.

The global offshore wind market size exceeded $47bn in 2022 and is projected to grow to a $1T industry by 2040. 

Insurtech Gateway led Renew Risk’s £1.7m Seed in September 2023.

PROBLEM

As the world transitions to green energy, the next 10 years will see an exponential growth in offshore wind. This growth requires massive institutional investment yet the associated risks remain largely unmeasurable. Offshore wind is currently experiencing ‘Capacity Crunch’ as the insurers are finding these large assets too uncertain to insure, or price accurately. 

SOLUTION

Renew Risk’s first of its kind risk modelling software, driven by deep data science, calculates the frequency and severity of financial losses due to natural disasters. The product allows (re)insurers to accurately understand the risk and confidently provide capacity.  By securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy.

RENEW RISK FOUNDERS

Ashima Gupta (Chief Executive Officer) –  13 years’ experience at Lloyds Banking Group as a Data Scientist and Risk Manager. Prior to that she worked with LV= and American Express.  1st Class Degree in Statistics. 

Joshua Macabuag (Chief Product Lead) – Insurance expert, Catastrophe Modelling Consultant, 1st Class Engineering Science Degree from University of Oxford.

Suby Bhattacharya (Chief Scientist Officer) – Leads the Geomechanics Research Group at the University of Surrey, PhD in Civil Engineering from the University of Cambridge, Departmental Lecturer at the University of Oxford

Gaurav Chawla (Exec Chair) – Ex-Banker and Trader, FinTech & Deep Tech serial entrepreneur with prior experience at IHS Markit Energy.