Copublished with Insure Our Future
3 September 2025 – Chinese insurance companies are reshaping the global renewable energy insurance landscape, with three top insurers capturing over $200 million in new premiums between 2023 and 2024, according to new analysis by Insure Our Future.
Published ahead of the Rendez-Vous de Septembre (RVS) gathering in Monte Carlo, the analysis of 45 leading energy insurers [1] reveals a race to insure the fast-growing market for transition investments, with an estimated $10 trillion needed by 2030 [2].
Some Chinese insurers have seen growth of more than 20% (inflation-adjusted), with French insurer AXA close behind. Chinese insurer PICC also 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 by 2024 in real terms [3]. Europe’s three biggest renewable energy underwriters, Allianz, AXA, and Zurich, collectively underwrote $141 million in new renewable premiums from 2023 to 2024 [4].
While the fossil fuel insurance sector contracted by roughly 2% each year over the same period, highlighting the transition underway, the fossil fuel market remains more than three times larger than that of renewables.
Chinese insurers are building deep expertise in understanding modern renewable project risks and returns, reflecting China’s impressive buildout. While this confers competitive advantages, there’s also tremendous opportunity for international collaboration—combining Chinese scale, speed, and experience with the power of global risk-sharing, standards, and capital markets.
Dr. Muyi Yang, Senior Energy Analyst, Asia at Ember Energy
Allianz had the highest 2024 total premiums among European companies with $390 million, with Zurich and AXA coming in at $320 and $315 million, respectively. But they are still the three largest fossil fuel insurers in Europe.
European insurers, including AXA, Allianz, Zurich and SCOR, have all spotted the opportunity in the renewables market, but think that they can have their cake and eat it by also supporting fossil fuel expansion. As a result they are unlikely to have any real impact on reducing greenhouse gas emissions from the energy sector. As long as they continue to cover new LNG terminals and other new oil and gas infrastructure, they will exacerbate the climate crisis and its impact on the most vulnerable.
Ariel Le Bourdonnec, Insurance campaigner at Reclaim Finance
While insurers’ support for renewable energy has increased by 9% per year, it is still far below the levels needed to deliver net zero emissions by 2050. According to the IEA, installed renewable energy capacity must triple between 2023 and 2030. For the insurance sector to keep pace with this growth, it needs to increase its support for renewable energy by 18% per year.
The IEA indicated in its first Net Zero Emissions Scenario in 2021 that new coal mines and coal power plants, new oil and gas fields have no place in a transition to reach net zero emissions by 2050. In 2023, it added that no new LNG export terminals were needed [5].
No major company other than Italian insurer Generali has yet adopted an explicit policy to limit LNG expansion, for example, despite the threat to future insurability and profitability because of extreme climate risks.
If we are serious about managing the catastrophic risks of fossil-fueled extreme weather, the renewable underwriting market must expand at least 18% annually through 2030. The good news is that several insurers are already proving this is possible, and companies at Monte Carlo need to seize renewable growth opportunities that accelerate the energy transition while also serving their bottom line.
Risalat Khan, Senior Strategist, Insure Our Future Campaign
