Energy Insurance Market was valued at USD 28 Billion in 2022 and is projected to reach USD 42 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
During the 2018 to 2022 period, the energy insurance market primarily saw steady growth, with a few key shifts. For example, the increasing deployment of renewable energy sources such as wind and solar power demanded new, tailored insurance policies. Meanwhile, oil and gas operations required comprehensive coverage against exploration risks, drilling activities, and transportation incidents. The continued transition to green energy led to a demand for specialized coverage products, focusing on technology, sustainability, and environmental liability. Additionally, in this timeframe, several large-scale infrastructure projects came under the radar of energy insurers, who developed new policies to adapt to the unique challenges these projects presented. The market maintained a relatively stable growth trajectory, aided by risk diversification and an uptick in large-scale energy production.
Looking ahead to the period from 2023 to 2033, demand in the energy insurance market is projected to increase significantly. This forecast is largely driven by an accelerated shift toward renewable energy generation, the growing complexity of energy supply chains, and continued volatility in fossil fuel markets. The rise of new technologies, such as electric vehicles (EVs) and battery storage systems, will lead to increased demand for insurance policies that can cover associated risks. Additionally, as governments around the world push for greater energy transition initiatives, insurers will be tasked with developing products that can help companies navigate the complexities of energy decarbonization efforts. By 2033, the energy insurance landscape will evolve significantly, requiring insurers to be innovative and flexible in their offerings to support emerging energy solutions.
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The global energy insurance market, spanning from 2018 to 2022, witnessed a phase of gradual expansion, driven by the rising demand for energy solutions and increasing risks associated with energy production and distribution. The growth in renewable energy investments, alongside a surge in oil, gas, and power plant developments, marked the market’s key drivers during this period. Moreover, geopolitical instability, natural disasters, and regulatory changes further influenced the market landscape. Energy companies, facing heightened operational risks, became more reliant on insurance services to protect their assets from potential damages caused by accidents, extreme weather events, and environmental hazards. This trend reflected an urgent need for more robust risk mitigation strategies, as businesses and insurers navigated complex global challenges.
Chubb
AIG
AXA
Zurich Insurance
Allied World Insurance
Liberty Mutual
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Energy Insurance Market
Onshore Risks
Offshore Risks
Based on Types the Market is categorized into Below types that held the largest Energy Insurance market share In 2023.
Product Liability Insurance
Multinational Casualty Insurance
Excess Casualty Insurance
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Energy Insurance Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Energy Insurance Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Energy Insurance Market, By Type
6. Global Energy Insurance Market, By Application
7. Global Energy Insurance Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Energy Insurance Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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