The renewable energy insurance market has shown robust growth in recent years, projected to increase from $17.01 billion in 2023 to $17.97 billion in 2024, with a CAGR of 5.6%. This historic growth can be linked to government incentives, increased investments, heightened awareness, environmental concerns, and support from the financial sector. In the coming years, this market is expected to grow to $22.49 billion by 2028, at a CAGR of 5.8%. The anticipated growth during this forecast period will be fueled by the acceleration of renewable energy initiatives, climate change mitigation efforts, growing market demand, global energy policy changes, and the expansion of insurance products. Major trends anticipated in the forecast period include technological innovations, enhanced risk management tools, advancements in data analytics, the integration of climate risk models, and an improved customer experience.
Global Renewable Energy Insurance Market Key Driver
The growing demand for energy infrastructure investments is anticipated to boost the growth of the renewable energy insurance market in the near future. Energy infrastructure investments involve allocating capital for the development, maintenance, and enhancement of facilities and systems that generate, transmit, and distribute energy. This demand is driven by rising global energy consumption resulting from population growth and industrialization, which necessitate the expansion and modernization of energy systems. Additionally, the shift toward renewable energy sources and carbon-reducing policies is fostering investments in sustainable energy infrastructure. Renewable energy insurance plays a crucial role by mitigating financial risks, ensuring project viability, and instilling confidence among investors in renewable energy projects. For instance, in May 2023, a report from the International Energy Agency stated that annual investments in renewable energy reached $659 billion in 2023, reflecting a 10.6% increase from $596 billion in 2022. Consequently, the increasing demand for energy infrastructure investments will significantly propel the growth of the renewable energy insurance market.
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Global Renewable Energy Insurance Market Segments
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
By Geography:The regions covered in the renewable energy insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the renewable energy insurance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Major Renewable Energy Insurance Industry Players
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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Renewable Energy Insurance Market Overview
Renewable energy insurance includes various products to cover risks associated with renewable energy assets, such as property damage, liability, and business interruption. It ensures financial protection for projects during construction, operation, and performance phases.
Renewable Energy Insurance Global Market Report 2023 provides data on the global renewable energy insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The renewable energy insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
