Press release
Renewable Energy Insurance Market Strategic Assessment, Research, Region, Share and Global Expansion with 4.22% CAGR by 2035
As per MRFR analysis, the Renewable Energy Insurance Market Size was valued at USD 18,624.08 Million in 2024. The industry is projected to grow from USD 19,410.07 Million in 2025 to USD 29,345.92 Million by 2035, exhibiting a CAGR of 4.22% during the forecast period (2025-2035).The market growth is driven by the rapid expansion of renewable energy projects worldwide, increasing investments in wind, solar, hydro, and biomass energy, and the growing need to mitigate operational, financial, and environmental risks associated with renewable infrastructure. Renewable energy insurance plays a critical role in protecting assets, ensuring project continuity, and supporting long-term sustainability goals.
Key Market Drivers
• Rapid Expansion of Renewable Energy Projects
Rising investments in solar, wind, and other clean energy projects are increasing insurance demand.
• Government Policies and Sustainability Goals
Supportive regulations, subsidies, and net-zero targets are accelerating renewable deployments.
• High Capital Investment and Risk Exposure
Renewable projects require insurance coverage to protect against construction, operational, and weather-related risks.
• Climate Change and Extreme Weather Events
Growing climate volatility heightens the need for comprehensive insurance coverage.
• Increasing Participation of Private Investors
Institutional and private investors require robust risk protection for large-scale renewable assets.
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Market Segmentation Highlights
1. By Energy Type
• Solar Energy Insurance
Covers photovoltaic plants, rooftop installations, and utility-scale solar farms.
• Wind Energy Insurance
Includes onshore and offshore wind projects with coverage for turbines and infrastructure.
• Hydropower Insurance
Protects dams, power stations, and related assets.
• Other Renewable Sources
Includes biomass, geothermal, and tidal energy projects.
2. By Coverage Type
• Property Damage Insurance
Covers physical damage to renewable energy assets.
• Business Interruption Insurance
Protects against revenue losses due to operational downtime.
• Liability Insurance
Covers third-party claims and environmental liabilities.
• Construction & Installation Insurance
Provides coverage during project development and installation phases.
3. By End User
• Utility-Scale Project Developers
Major users due to large asset value and operational risks.
• Independent Power Producers (IPPs)
Adopt insurance to safeguard investments and ensure project financing.
• Commercial & Industrial Users
Increasing adoption for onsite renewable installations.
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Regional Analysis
Europe - Market Leader
• Strong renewable energy adoption across wind and solar sectors
• Stringent environmental regulations and climate targets
North America
• High investment in utility-scale solar and wind projects
• Growing insurance demand driven by extreme weather risks
Asia-Pacific - Fastest-Growing Region
• Rapid renewable capacity additions in China, India, and Southeast Asia
• Government-backed clean energy initiatives fueling market growth
South America & MEA
• Emerging renewable markets supported by solar and wind investments
• Increasing awareness of risk mitigation through insurance
Key Market Opportunities
• Expansion of insurance solutions for offshore wind and large solar farms
• Development of customized policies for emerging renewable technologies
• Integration of AI and data analytics for risk assessment and pricing
• Growth of parametric insurance models for climate-related risks
• Partnerships between insurers, renewable developers, and financiers
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Competitive Landscape
The Renewable Energy Insurance market is moderately competitive, with insurers focusing on specialized coverage, advanced risk modeling, and global project support. Key players include:
• Allianz SE
• AXA SA
• Zurich Insurance Group
• Munich Re
• Swiss Re
• AIG
• Chubb Limited
• Liberty Mutual Insurance
• Tokio Marine Holdings
• Hannover Re
These companies are investing in renewable-focused underwriting expertise, advanced climate risk analytics, and strategic collaborations to support the global transition toward clean and sustainable energy.
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About US
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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