The development of this globe, which means majority of industries is completely dependent of the energy and power sector. Reducing sources of energy is also an important reason why this sector has emerged this important. The energy and power sector witnessed maximum fluctuations this year, especially post COVID and also due to the ongoing conflict between Russia and Ukraine. In an attempt to tackle unwanted or unavoidable issues, majority of industries have found solace in the arms of insurance sector. The arrival of insurance sector in the world of energy and power is driving the growth of the global energy and power insurance market.
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Meanwhile, there are numerous factors that are considered by insurance companies before associating with any business or enterprise. Additional scrutiny plays a restraining factor for the growth of the global energy and power insurance market.
Irrespective of few hiccups, the global energy and power insurance market will witness tremendous growth over the forecast period majorly because of growing issues like war, supply chain disruption which cannot be controlled by anyone.
In terms of revenue, the global energy and power insurance market was worth US$ 31.56 Bn in 2021, growing at a CAGR of 2.8% over the forecast period (2022 – 2030).
By Application, renewable energy generation Segment is forecasted to witness growth at the fastest rate for The Global Energy and Power Insurance Market in 2022
Renewable sources of energy are truly the future and several industries are rampantly trying to make them primary source of energy. This is the reason why this segment will succeed.
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Asia Pacific Region is Expected to Witness Fastest Growth Over the Forecast Period (2022 – 2030) in the Global Energy and Power Insurance Market
The region is truly industrial hub of this world. Countries like India and China have eased their trade policies making them more lucrative market. Insurance companies are rapidly growing in the region.
Some of the major players operating in the global energy and power insurance market are listed below:
- American International Group, Inc.
- Aon plc
- Arch Capital Group Ltd.
- AXA XL
- Chubb
- FM Global
- Great American Insurance Company
- Liberty Mutual Insurance Company
- MARSH LLC
- Munich Re
- USI
- Zurich American Insurance Company
- Others
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Global Energy and Power Insurance Market Segmentation
Global energy and power insurance market has been segmented by offering, property type, location, application, coverage, organization size, distribution channel, end users which are further classified into respective countries:
Global Energy and Power Insurance Market Offering Outlook (Revenue, USD Million, 2015 - 2030)
- Insurance Solutions
- Services
- Risk Management and Risk Assessment
- Consulting Services
- Claims Management
- On-site Inspection
- Others
Global Energy and Power Insurance Market Property Type Outlook (Revenue, USD Million, 2015 - 2030)
- Onshore
- Offshore
Global Energy and Power Insurance Market Location Outlook (Revenue, USD Million, 2015 - 2030)
- Single Location
- Multi-Location
Global Energy and Power Insurance Market Application Outlook (Revenue, USD Million, 2015 - 2030)
- Alternative Energy Generation (Coal, Natural Gas, Nuclear, Others)
- Renewable Energy Generation (Solar, Wind, Hydro, Geothermal, Biomass)
- Network Infrastructure (Grid, Interconnectors, Battery Storage, Smart Meters)
- Oil and Gas Operations
- Upstream
- Midstream
- Downstream
- Mining Operations
- Hard-Rock Mining
- Metal and Non-Metal Mining
- Others
- Others
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Global Energy and Power Insurance Market Coverage Outlook (Revenue, USD Million, 2015 - 2030)
- Physical Damage
- Property Damage
- Mechanical Breakdown
- Business Interruption
- Construction and Transit
- Delay in Start-up (DSU)
- Workers’ Compensation
- Pollution Liability
- Others
Global Energy and Power Insurance Market Organization Size Outlook (Revenue, USD Million, 2015 - 2030)
- Small and Medium Organizations
- Large Organizations
Global Energy and Power Insurance Market Distribution Channel Outlook (Revenue, USD Million, 2015 - 2030)
- Direct
- Indirect
Global Energy and Power Insurance Market End Users Outlook (Revenue, USD Million, 2015 - 2030)
- Electrical Utilities
- Private
- Public
- Refineries
- Petrochemical Plants
- Gas Companies
- Independent Power Producers
- Manufacturers and Distributors
- Plant-Maintenance Contractors
- Utility-Service Contractors
- Others
Global Energy and Power Insurance Market Regional Outlook (Revenue, USD Million, 2015 - 2030)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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