Press release
Global Renewable Energy Insurance Market Projected to Surpass $23.74 Billion by 2029 with 5.7% Annual Growth
Renewable Energy Insurance Market Segments
In the last few years, we have witnessed a significant expansion in the size of the renewable energy insurance market. This sector, valued at $17.97 billion in 2024, is projected to escalate to $19.04 billion in 2025, representing a compound annual growth rate (CAGR) of 5.9%. The historical growth period's increase can be accredited to factors such as government incentives, heightening cognizance, environmental worries, amplified investments, and backing from the financial sector.
Expectations are high for substantial expansion in the renewable energy insurance market in the coming years. With projections indicating growth to $23.74 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%, the prediction period's growth can be attributed to factors such as the rapid acceleration of renewable energy, climate change mitigation measures, increased market demand, alterations in global energy policies and the introduction of enhanced insurance products. Predominant trends of this upcoming period are technological leaps, amplified risk management strategies, advancement in data analytics, incorporating climate risk models, and improved customer service.
What Are the Main Catalysts for Growth in the Renewable Energy Insurance Market?
The increasing need for investments in energy infrastructure is predicted to bolster the expansion of the renewable energy insurance market. Capital allocation for the creation, upkeep, and improvement of facilities and systems that generate, transmit, and distribute energy is referred to as energy infrastructure investments. This rising necessity is fueled by an increase in worldwide energy consumption, attributed to population growth and industrialisation, which require amelioration and expansion of energy systems. Moreover, the transition towards renewable energy and implementation of policies that aim to reduce carbon emissions are stimulating investments in sustainable energy infrastructure. Renewable energy insurance bolsters these investments by reducing financial risks, safeguarding project feasibility, and instilling trust in potential investors of renewable energy projects. To illustrate, the International Energy Agency, an autonomous intergovernmental organization based in France, reported in May 2023 that the yearly investments in renewable energy escalated to $659 billion, showing a 10.6% increase from $596 billion in 2022. Consequently, the escalating demand for energy infrastructure investments serves as a growth propellant for the renewable energy insurance market.
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Which Key Market Leaders Are Driving Renewable Energy Insurance Industry Growth?
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.
What Are the Emerging Trends in the Renewable Energy Insurance Industry?
The primary focus of key players in the renewable energy insurance market is the creation of innovative products, such as inclusive insurance solutions, for comprehensive coverages and effective risk management tailored for specific projects. An inclusive insurance solution is a mixed policy encapsulating different coverage types into a single plan crafted to meet the particular risks and requirements associated with a specific industry or project like renewable energy. For instance, Chubb, an insurance firm based in Switzerland, rolled out a product named Climate+ Renewables in May 2023, for small to medium-sized renewable ventures. It is set to be launched in several other countries. The product offers tailor-made insurance solutions for smaller to medium-scale renewable energy initiatives, including onshore wind and ground-mounted solar machinery. This product provides all-encompassing coverage during both the construction and operational stages, targeting the particular risks associated with renewable energy production.
What Are the Main Segments in the Renewable Energy Insurance Market?
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
Subsegments:
1) By Fossil Fuels: Oil and Gas Insurance, Coal Industry Insurance, Refinery and Pipeline Insurance
2) By Sustainable and Renewable Energy: Solar Energy Insurance, Wind Energy Insurance, Hydropower Insurance, Geothermal Energy Insurance, Biomass Energy Insurance
3) By Nuclear Power: Nuclear Reactor Insurance, Decommissioning Liability Insurance, Radioactive Material Transport Insurance
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Which Geographic Area Leads the Renewable Energy Insurance Market?
Europe was the largest region in the renewable energy insurance market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the renewable energy insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Renewable Energy Insurance Global Market Report?
- Market Size Analysis: Analyze the Renewable Energy Insurance Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Renewable Energy Insurance Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Renewable Energy Insurance Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Renewable Energy Insurance Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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