PUBLISHER: The Business Research Company | PRODUCT CODE: 1582579
PUBLISHER: The Business Research Company | PRODUCT CODE: 1582579
Renewable energy insurance encompasses various products designed to cover risks associated with renewable energy assets, such as property damage, liability, and business interruption. It provides financial protection for projects throughout their construction, operation, and performance phases.
Key types of renewable energy insurance include coverage for fossil fuels, sustainable and renewable energy, and nuclear power. Fossil fuels, derived from ancient organic materials such as coal, oil, and natural gas, are used for power and heat generation. Insurance for fossil fuels addresses operational risks, environmental damage, and regulatory compliance. Risk types covered include natural disasters, political risks, and cyber risks, with applications spanning residential and commercial sectors.
The renewable energy insurance market research report is one of a series of new reports from the business research company that provides renewable energy insurance market statistics, including renewable energy insurance industry global market size, regional shares, competitors with an renewable energy insurance market share, detailed renewable energy insurance market segments, market trends and opportunities, and any further data you may need to thrive in the renewable energy insurance industry. This renewable energy insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The renewable energy insurance market size has grown strongly in recent years. It will grow from $17.01 billion in 2023 to $17.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth observed during the historic period can be attributed to government incentives, increased investment, growing awareness, environmental concerns, and support from the financial sector.
The renewable energy insurance market size is expected to see strong growth in the next few years. It will grow to $22.49 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The projected growth during the forecast period can be attributed to accelerated adoption of renewable energy, climate change mitigation efforts, growing market demand, global energy policy changes, and the expansion of insurance products. Key trends expected to drive growth include technological innovations, improved risk management tools, advancements in data analytics, integration of climate risk models, and enhanced customer experiences.
The growing demand for energy infrastructure investments is anticipated to drive the expansion of the renewable energy insurance market. Energy infrastructure investments involve allocating capital towards the development, maintenance, and enhancement of facilities and systems responsible for producing, transmitting, and distributing energy. This demand is fueled by increasing global energy consumption driven by population growth and industrialization, necessitating the expansion and modernization of energy systems. Additionally, the transition to renewable energy sources and carbon-reducing policies further propels investments in sustainable energy infrastructure. Renewable energy insurance supports these investments by mitigating financial risks, ensuring project viability, and boosting investor confidence in renewable energy initiatives. For example, in May 2023, the International Energy Agency, a France-based autonomous intergovernmental organization, reported that annual investment in renewable energy reached $659 billion in 2023, marking a 10.6% increase from $596 billion in 2022. This growing demand for energy infrastructure investments is expected to fuel the growth of the renewable energy insurance market.
Major companies in the renewable energy insurance market are focusing on leveraging data analytics, such as data-powered insurance, to offer more customized coverage solutions. Data-powered insurance involves using advanced data analytics and big data to accurately assess risks, determine premiums, and create tailored insurance solutions. For instance, in November 2021, GCube Insurance Services, Inc., a UK-based provider of insurance for renewable energy projects, introduced a new data-powered insurance solution in collaboration with Clir, a company specializing in optimizing returns from renewable energy assets. This innovative solution employs AI-driven analytics and comprehensive data sets to provide better terms and lower premiums for wind and solar operators. By integrating data from a wind portfolio onto Clir's platform, GCube can evaluate an asset's meteorological and operational loads, component health, reliability, and the effects of current operations and maintenance. These insights allow GCube to refine underwriting pricing and offer more competitive terms for projects with lower risk factors.
In April 2023, Renomia A/S, an insurance brokerage and consulting company based in the Czech Republic, acquired Renewable Energy Insurance Broker for an undisclosed amount. This acquisition is set to strengthen Renomia's capabilities in the renewable energy sector and capitalize on the growing global demand for sustainable energy solutions. The partnership is expected to enhance both companies' ability to provide superior insurance and risk management services to clients worldwide. Renewable Energy Insurance Broker, based in Bulgaria, offers tailored insurance solutions and risk management services specifically for renewable energy projects.
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.
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. The regions covered in the renewable energy insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries 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.
The renewable energy insurance market includes revenues earned by entities through cyber insurance, performance warranty insurance, operational risk insurance, engineering risk insurance, and technical risk insurance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Renewable Energy Insurance Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on renewable energy insurance market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for renewable energy insurance ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The renewable energy insurance market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.