Press release
Global Renewable Energy Insurance Market to Reach $23.74 Billion by 2029, Growing at 5.67% CAGR
Renewable Energy Insurance
The increasing demand for energy infrastructure investments is expected to drive the growth of the renewable energy insurance market. As global energy consumption rises due to population growth and industrialization, there is a need to expand and modernize energy systems. The shift to renewable energy sources and carbon-reducing policies further fuels this demand. Renewable energy insurance mitigates financial risks and supports the growth of renewable energy projects. For instance, the International Energy Agency reported in May 2023 that global renewable energy investment reached $659 billion in 2023, up 10.6% from 2022. Thus, the growing investment in energy infrastructure is driving the renewable energy insurance market.
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How will the growth rate of the renewable energy insurance market shape industry trends by 2034?
The renewable energy insurance market has experienced strong growth in recent years. It is expected to grow from $17.97 billion in 2024 to $19.04 billion in 2025, reflecting a CAGR of 5.9%. Key drivers include government incentives, rising investments, greater environmental awareness, and financial sector support.
The renewable energy insurance market is projected to grow steadily, reaching $23.74 billion by 2029 at a CAGR of 5.7%. The growth is attributed to accelerated renewable energy adoption, climate change efforts, and expanding insurance products. Trends include technological innovations, advanced risk management tools, data analytics, and improved customer experiences.
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What trends are poised to drive the future success of the renewable energy insurance market?
Major companies in the renewable energy insurance market are focused on creating innovative products, such as packaged insurance solutions, to offer comprehensive coverage and manage project risks effectively. These solutions combine different types of insurance into one policy to address the specific needs of renewable energy projects. For example, in May 2023, Chubb launched the Climate+ Renewables product, which offers tailored insurance for small to medium renewable projects like onshore wind and solar installations, covering risks throughout both construction and operational phases.
Which primary segments of the renewable energy insurance market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.
Who are the influential players reshaping the renewable energy insurance market landscape?
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.
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What Is Covered In The Renewable Energy Insurance Global Market Report?
•Market Size Forecast: Examine the renewable energy insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the renewable energy insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the renewable energy insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the renewable energy insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the renewable energy insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the renewable energy insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the renewable energy insurance market.
•Competitive Landscape: Review strategic developments in the renewable energy insurance market, including expansions, agreements, and new product launches.
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