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Allianz Global Corporate & Specialty
Offshore Wind- The Insurer‘s Side -
AGCS Expert DaysNovember 4th – 5th, 2013 in Munich
Robert Maurer, Head of Engineering Germany & CE
2© Robert Maurer, AGCS Expert Days, 05.11.2013
Table ofcontents
Background
Motivation for Insurer
Offshore Wind Market
Challenges for Insurer
Success Factors for Insurer
Cost Reduction
Areas of Concern
Outlook
3© Robert Maurer, AGCS Expert Days, 05.11.2013
Background
CO2
Natural Ressources
Independence from foreign supply
Governmental subsidies
Nuclear
Environment (e.g. oil spill in Golf of Mexico
4© Robert Maurer, AGCS Expert Days, 05.11.2013
Background
Wind offshore
Wind onshore
Solarthermal
Photovoltaics
Biomass
Hydro
Geothermal
5© Robert Maurer, AGCS Expert Days, 05.11.2013
World wide growing segment
Manufacturing, Construction and Operation
Motivation for Insurer
6© Robert Maurer, AGCS Expert Days, 05.11.2013
World wide growing segment
Infrastructure e.g. roads, harbour, equipment
Motivation for Insurer
7© Robert Maurer, AGCS Expert Days, 05.11.2013
World wide growing segment
Transmission Lines, Converter Stations
Motivation for Insurer
8© Robert Maurer, AGCS Expert Days, 05.11.2013
World wide growing segment
Energy Storage Facilities
Motivation for Insurer
9© Robert Maurer, AGCS Expert Days, 05.11.2013
Offshore Wind Market
Current status:
73 windfarms with 2052 turbines
thereof
56 windfarms in 10 European countries totalling 5.300 MW
Source: Fraunhofer IWES 2012
10© Robert Maurer, AGCS Expert Days, 05.11.2013
Offshore Wind Market
First Offshore Windfarm 21 years ago Vindeby in Denmark
11 x 0,45 MW = 4,95 MW
11© Robert Maurer, AGCS Expert Days, 05.11.2013
Offshore Wind Market
Biggest Windfarm London Array175 x 3,6 MW = 630 MW
12© Robert Maurer, AGCS Expert Days, 05.11.2013
Offshore Wind Market
Prospects:
6.000 MW under construction17.000 MW fully consented
114.000 MW planned
Source: GWEC
Expected until 2020:80.000 MW worldwide40.000 MW Europe
13© Robert Maurer, AGCS Expert Days, 05.11.2013
Offshore Wind Market
Source: www.4coffshore.com
14© Robert Maurer, AGCS Expert Days, 05.11.2013
Challenges for Insurer
Prototypical technology
Maritime risks
Demanding logistic
Cost cutting measures
Subsea cables
Lacking long term experience
Accumulation probleme.g. Storm North Sea, Contingent BI
15© Robert Maurer, AGCS Expert Days, 05.11.2013
Technical Development
Source: Siemens
Challenges for Insurer
16© Robert Maurer, AGCS Expert Days, 05.11.2013
Success Factors for Insurer
Portfolio management,diversification
Underwriting tools
Accumulationcontrol
GlobalPresence
Criticalmass
Bundling ofKnow how
Clear managementcommitment
Capacity
SuccessFactors
17© Robert Maurer, AGCS Expert Days, 05.11.2013
Offshore Wind
Offshore Parks AGCS involvement
source: Google Earth
Purple: EARGreen: MBYellow: DICWhite: OSS
18© Robert Maurer, AGCS Expert Days, 05.11.2013
Cost Reduction
Project development
Larger turbines
Low cost Country Sourcing
Foundation concepts, e.g. suction bucket
Grid connection
New generation of vessels
Logistics
Source: own research, Roland BergerDONG
Target
100 € / MWh
in 2020
19© Robert Maurer, AGCS Expert Days, 05.11.2013
Areas of Concern
Threats
Economy
- Cost reduction
- Running costs
- Inflation rate
- Ongoing financial crisis
Politics
- Cutting of subsidies
- Change of framework
- Sluggish grid connectionand upgrade of trans-mission lines
Society
- Negative image
- Environmental concerns
- Cost consciousness
Technology
- Success of other renewables
- Cheaper alternatives
- Storage capacity and/ortechnology
20© Robert Maurer, AGCS Expert Days, 05.11.2013
Outlook
Further growth:
Global Paradigm change
Public acceptance
Success story will stimulate investors
Economies of scale
Production volume per windfarm
Major obstacles have been addressed e.g. grid connection
