Turbine failures are the greatest driver of offshore wind insurance claims, while export cable losses carry the highest costs, according to new analysis from Axis Capital.

The insurer found that wind turbines accounted for 57% of claims by number, and 37% of total incurred losses across its offshore wind projects globally. More than two thirds of turbine-related claims stemmed from damage to drive train components including generators, gearboxes and main bearings.

Export cables represented just 6% of claims but recorded the highest average loss at US$18.8m, largely due to lost generation and resulting business interruption. Inter-array cables accounted for 14% of claims with an average loss of US$6.7m.

Foundation losses were also significant, averaging US$7.4m, with claims often linked to installation challenges including pile running, pile rejection and seabed conditions.

“While innovation in offshore technology supports substantial clean energy gains, the scale and complexity of installing and operating modern wind turbines, high voltage cables, and foundation structures are driving shifts in claims frequency and severity,” said Sophie Draper, lead report author and renewable energy risk engineer at Axis Capital.

“The challenge for the offshore wind industry as well as for insurers and lenders, is to harness data and learnings from previous losses to elevate risk mitigation strategies and support the resilience of future projects.”

The findings draw on Axis Global Energy offshore wind construction and operational claims between January 2021 and September 2025.

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