Renewable energy insurance market to hit $23b by 2028

The market will reach $18b in 2024.

The renewable energy insurance market is projected to reach $22.49b by 2028, reaching a compound annual growth rate (CAGR) of 5.8%, according to The Business Research Company. 

Key drivers include the acceleration of renewable energy initiatives, climate change mitigation, shifting global energy policies, and the expansion of insurance products.

The market will grow from $17.01b in 2023 to $17.97b in 2024, with a compound annual growth rate (CAGR) of 5.6%. 

This expansion is driven by government incentives, rising investments, and increased awareness of environmental issues, supported by the financial sector. 

Technological innovations, improved risk management tools, advancements in data analytics, and the integration of climate risk models are major trends shaping the market. 

Investments in energy infrastructure, fueled by growing global energy demand due to population growth and industrialization, are propelling the renewable energy insurance market. This shift is aligned with global efforts towards renewable energy and carbon-reduction policies.

Europe led the renewable energy insurance market in 2023, whilst Asia-Pacific is expected to be the fastest-growing region in the coming years.