Renew Risk

ACCELERATE TRANSITION TO RENEWABLE ENERGY

Renew Risk provides insurers, energy developers and financiers with the science-driven insights needed to make informed decisions about renewable energy assets. From site selection and portfolio management to pricing premiums and setting aside reserves, their portfolio of models help risk professionals quantify and manage the risk of catastrophe events to their assets or portfolio. Their products are the only models focused solely on assessing the risk of natural disasters to offshore wind farms across the globe.

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 and followed on for their £5m round in February 2025.

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.