Chinese insurers lead global renewables race

Written by Adam Cadle

03/09/2025

Chinese insurance companies are reshaping the global renewable energy insurance landscape, with three top insurers capturing over $200m in new premiums between 2023 and 2024, new analysis by Insurance Our Future has revealed.

The analysis, Renewables Gallop as Fossil Fuels Stall, has revealed a race to insure the fast -growing renewable energy market, with Chinese insurers PICC, Ping An, and Yingda Taihe demonstrating more than 20% inflation-adjusted growth that just a handful of other companies globally, such as AXA and AXIS Capital, matched.

PICC also had the highest total renewable premiums at an estimated $485m.

The global renewable insurance market has grown 9% annually since 2020, climbing from $5.65bn to $8bn 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.

“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,” said Muyi Yang, senior energy analyst, Asia at Ember Energy.

“Working together in this way creates real win-wins, unlocking more financing and building confidence to triple installed renewables capacity by 2030 worldwide. This opportunity is large enough for multiple winners, and global insurers and reinsurers moving quickly enough today will reap the benefits,” he added.

According to the analysis, US insurers have substantial ground to make up if they are to benefit from the fast-growing renewable opportunity. Despite worsening climate losses and industry concerns, no major US insurer added more than $25m in renewable premiums last year. The top 10 renewable underwriters in 2024 included two North American companies – AEGIS from Bermuda, with $330m in premiums, and Canadian insurer Fairfax, with $270m– having gained $41m and $38m in new premiums, respectively, from the previous year.

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