We tend to use renew for agreements or contracts when we want to start again for a similar period of time. For example, I had a one year gym membership and I renewed it for a second year. Update tends to mean to make things more modern and new. We use it a lot for software and technology. My phone updates so that I have the latest version of each app.

Hi, Renew is for anything that has an end point or expiration date. Examples are insurance policies, drivers license, employment contracts, certifications, etc. Update is just adding more information or making changes to the current status. You get updates on your computer software, but not renewals. Hope this helps:-)

Renew usually means to add more time to something like an agreement that's already in effect. An update typically refers to confirming that information that you have previously given or you change the information to the correct current information. So, you update, correct or confirm information that you've previously provided.