Tokio Marine & Nichido Fire Insurance is convening more than 400 representatives from the energy and international reinsurance sectors to address the next phases of Japan’s offshore wind projects.
The company’s initiative aims to combine renewable energy expertise and reinsurance capacity to support Japan’s renewable energy expansion, particularly as the country pursues carbon neutrality by 2050.
Japan’s goal of reaching 30GW to 45GW of offshore wind capacity by 2040 is expected to generate an estimated US$2 billion to US$3 billion in premium opportunities for international reinsurers.
Japan’s offshore wind projects face specific risks, including natural catastrophes, severe lightning, complex geological conditions, and ocean swells that can affect multiple installations at once. Tokio Marine Group said that it is working to mobilize international markets to address these challenges and support the country’s renewable energy objectives.
The initiative is designed to connect international capacity and insights with Japan-specific risk expertise. It also seeks to develop insurance standards for floating offshore wind power and facilitate greater capacity provision by bringing together reinsurers, brokers, loss adjusters, and marine surveyors with Japanese project developers.
International reinsurers interested in Japan’s offshore wind market, Japanese project developers seeking global capacity, and other industry stakeholders are the primary focus of the effort.
“We are hosting this event to support the sustainable growth of Japan's offshore wind sector by bringing together international capacity and insights with local market knowledge,” said Hiro Ishijima, head of marine hull and energy and general manager of the marine underwriting department at TMNF.
Ishijima said that Japan’s offshore wind industry faces unique risks and technical challenges that require specialized insurance solutions. “Having underwritten over 110 offshore wind projects worldwide, we are ideally positioned to bridge Japanese market expertise with additional international capacity.”
In addition to its renewable energy push, Tokio Marine Holdings is preparing to deploy more than US$10 billion on overseas acquisitions. The insurer is seeking to increase its international earnings and rebalance its profit mix between Japan and other regions, with a focus on expanding in North America, Latin America, and Southeast Asia.
The company’s strategy includes targeting specialty lines and smaller personal-lines providers, as well as introducing new products in markets where they are not yet widely available.
The group’s new CEO, Masahiro Koike, who took over in June, has made international diversification a central theme.
Financially, Tokio Marine reported a quarterly profit of ¥565.2 billion for the three months ending June 30, 2025. Net income attributable to shareholders rose to ¥466.8 billion, and the company forecasts adjusted net income of ¥1.04 trillion for the full year.
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