Renewables Gallop as Fossil Fuels Stall reveals a race to insure the fast-growing renewable energy market. The energy transition is underway, even as the fossil fuel market size remains more than three times larger than that of renewables, and the pace of annual growth in renewable premiums is still half of an 18% benchmark that the IEA 2030 net zero pathway suggests may be required.
Key findings:
- Overall industry pace of insuring renewables needs to at least double to meet 2030 Net Zero benchmarks.
- Chinese insurers PICC, Ping An, and Yingda Taihe demonstrate more than 20% inflation-adjusted growth.
- Only a handful of global companies, such as AXA and AXIS Capital, matched Chinese insurers.
- PICC had the highest total renewable premiums at an estimated $485 million.
- The global renewable insurance market has grown 9% annually since 2020, climbing from $5.65 billion to $8 billion of gross direct written premium (GDPW) by 2024 in real terms. The fossil fuel insurance sector contracted by roughly 2% each year over the same period.
Read the full report to find out more.
