Press release
Renewable Energy Insurance Market Size Forecasted To Achieve $23.74 Billion By 2029 With Steady Growth
Renewable Energy Insurance
What Is the Renewable Energy Insurance Market Size and Projected Growth Rate?
The renewable energy insurance market has shown strong growth in recent times. It is set to grow from $17.97 billion in 2024 to $19.04 billion in 2025, at a CAGR of 5.9%. Drivers of this growth include government incentives, higher investment levels, increased environmental awareness, and strong support from the financial sector.
The renewable energy insurance market is expected to grow significantly, reaching $23.74 billion by 2029 at a CAGR of 5.7%. Growth is attributed to the accelerated adoption of renewable energy, climate change mitigation efforts, increasing market demand, global changes in energy policy, and the expansion of insurance products. Trends include technological innovations, improved risk management tools, advancements in data analytics, the integration of climate risk models, and enhanced customer experience.
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What Are the Major 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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What Are The Driving Renewable Energy Insurance Market Evolution?
Rising investments in energy infrastructure are projected to boost the renewable energy insurance market. These investments involve capital allocations for the development and modernization of energy systems to meet global energy needs driven by population and industrial growth. The global transition to clean energy also contributes to this trend. Renewable energy insurance plays a key role by minimizing financial risks and supporting investor confidence in sustainable projects. For instance, the International Energy Agency reported in May 2023 that renewable energy investment reached $659 billion, up 10.6% from $596 billion in 2022. Therefore, increased infrastructure investment is advancing the renewable energy insurance market.
Which Firms Dominate The Renewable Energy Insurance Market Segments?
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 Renewable Energy Insurance Market Trends Are Gaining Traction Across Different Segments?
Companies in the renewable energy insurance market are developing products like packaged insurance solutions to provide comprehensive coverage and manage risks effectively. A packaged insurance solution bundles various types of coverage into one plan tailored for specific industries, such as renewable energy. In May 2023, Chubb, a Switzerland-based insurance company, introduced Climate+ Renewables for small to medium renewable projects, offering extensive coverage during both the construction and operational phases, particularly for onshore wind and solar installations.
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Which Is The Largest Region 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Renewable Energy Insurance Market?
2. What is the CAGR expected in the Renewable Energy Insurance Market?
3. What Are the Key Innovations Transforming the Renewable Energy Insurance Industry?
4. Which Region Is Leading the Renewable Energy Insurance Market?
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