Climate insurance market set to double by 2030

Insurers are adapting through central hubs or establishing vertical business units.

The premium revenue for commercial climate insurance solutions is expected to more than double by 2030, growing from $28b (€24b to €25b) in 2022 to $66b (€60b), according to Bain & Company.

This growth will be driven by solutions in renewable energy, biodiversity, environmental liability, carbon offset, infrastructure, mobility, and advisory services.

Insurers are adopting various strategies to capitalise on these opportunities, such as creating lean central hubs or establishing vertical business units.

Regardless of the approach, insurers need to evaluate the market size, growth potential, profitability, competition, supply and demand, and the necessary capabilities for success in this segment.

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