Press release
Renewable Energy Insurance Market Report, Size, Share, Growth, Trends, Forecast to 2033
Renewable Energy Insurance Market
The new report published by The Business Research Company, titled Renewable Energy Insurance Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the renewable energy insurance market size has grown strongly in recent years. It will grow from $17.01 billion in 2023 to $17.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The renewable energy insurance market size is expected to see strong growth in the next few years. It will grow to $22.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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What Is Driving The Growth Of The Global Renewable Energy Insurance Market?
Growing Energy Infrastructure Investments Boost Renewable Energy Insurance Market
The growing demand for energy infrastructure investments is expected to propel the growth of the renewable energy insurance market going forward. Energy infrastructure investments refer to the allocation of capital towards the development, maintenance, and enhancement of facilities and systems that produce, transmit, and distribute energy. The growing demand for energy infrastructure investments is driven by rising global energy consumption due to population growth and industrialization, necessitating the expansion and modernization of energy systems. Additionally, the shift to renewables and carbon-reducing policies drives investments in sustainable energy infrastructure. Renewable energy insurance supports energy infrastructure investments by mitigating financial risks, ensuring project viability, and providing confidence to investors in renewable energy projects. For instance, in May 2023, according to a report published by the International Energy Agency, a France-based autonomous intergovernmental organization In 2023, the annual investment in renewable energy reached $659 billion, reflecting a 10.6% increase from $596 billion in 2022. Therefore, growing demand for energy infrastructure investments will drive the growth of the renewable energy insurance market.
What Is The Key Trend In The Global Renewable Energy Insurance Market?
Renewable Energy Insurance Market Adopts Data Analytics for Enhanced Risk Assessment
Major companies operating in the renewable energy insurance market are focusing on the adoption of data analytics, such as data-powered insurance, to provide more tailored coverage solutions. Data-powered insurance refers to the use of advanced data analytics and big data to accurately assess risks, set premiums, and create customized insurance solutions. For instance, in November 2021, GCube Insurance Services, Inc., a UK-based provider of insurance services for renewable energy projects, launched a new data-powered insurance solution to bolster the renewable energy sector in collaboration with Clir, a company focused on optimizing returns from renewable energy assets. This innovative offering utilizes AI-driven analytics and comprehensive data sets to provide improved terms and lower premiums for wind and solar operators. By integrating a wind portfolio's data onto Clir's platform, GCube can assess an asset's meteorological and operational loads, component health, reliability, and the effects of current operations and maintenance. These insights enable GCube to refine underwriting pricing and offer more competitive terms for projects demonstrating lower risk factors.
How Is The Global Renewable Energy Insurance Market Segmented?
The renewable energy insurance market covered in this report is segmented -
1) By Type: Fossil Fuels, Sustainable And Renewable Energy, Nuclear Power
2) By Risk Type: Natural Disasters, Political Risks, Cyber Risks
3) By Application: Residential, Commercial
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How Is The Competitive Landscape Of The Global Renewable Energy Insurance Market?
Major companies operating in the renewable energy insurance market are Munich Reinsurance Company, Assicurazioni Generali S.p.A., Swiss Reinsurance Company Ltd, Zurich Insurance Group Ltd, Chubb Limited, Aviva plc, The Travelers Companies Inc., Mapfre S.A., The Hartford Financial Services Group Inc., SCOR SE, Marsh McLennan Companies Inc., QBE Insurance Group Limited, Aon plc, CNA Financial Corporation, Markel Corporation, Willis Towers Watson Public Limited Company, Arthur J. Gallagher & Co., AXA XL Group, RSA Insurance Group plc, Liberty Specialty Markets, Tokio Marine HCC, Beazley plc, Hiscox Ltd, BKS Partners Inc., The Horton Group Inc.
Contents Of The Global Renewable Energy Insurance Market
1. Executive Summary
2. Renewable Energy Insurance Market Report Structure
3. Renewable Energy Insurance Market Trends And Strategies
4. Renewable Energy Insurance Market - Macro Economic Scenario
5. Renewable Energy Insurance Market Size And Growth
…..
27. Renewable Energy Insurance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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