Tokio Marine leads initiative to boost Japan’s offshore wind

Japan aims to reach 30GW to 45GW of offshore wind capacity by 2040.

Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) is convening more than 400 representatives from the energy and international reinsurance industries to support Japan’s next phase of offshore wind projects.

Japan aims to reach 30GW to 45GW of offshore wind capacity by 2040 as part of its carbon neutrality goal for 2050. 

This expansion could generate an estimated $2b to  $3b in premium opportunities for the global reinsurance market.

The initiative aims to connect renewable energy expertise with reinsurance capacity to address the complex risks facing Japan’s offshore wind sector, including exposure to natural catastrophes, severe lightning, challenging geological conditions, and ocean swells that can affect multiple sites at once.

Tokio Marine is leveraging its group capabilities through TMNF and TMGX to coordinate support from global reinsurers, brokers, loss adjusters, and marine surveyors. 

The initiative also seeks to establish international insurance standards for floating offshore wind projects and bridge overseas market insights with Japan-specific risk expertise.

The discussions will take place during Tokio Marine Offshore Wind Week 2025, to be held in Tokyo from October 20 to 24, 2025.