2. Subsidies can ease insurers’ entry into renewable markets
Many states provide funding for renewable energy, helping reduce the risk for insurers. California offers some of the most favorable opportunities, allocating funds for hydrogen and battery power and proposing a network of hydrogen fuel stations.
The U.S. federal government also allocated $9.5 billion for clean hydrogen initiatives in the Bipartisan Infrastructure Law.
3. Insurers can act now to help the renewable market grow
- Gather more data. Loss data for new technology is sometimes sparse but insurers can help make it more robust.
- Speak to clients. Insurers can assess market needs and grow their relationships by engaging with renewable energy clients.
- Improve the model. As more information becomes available, insurers should refine the models to determine which markets are strongest.
To learn more about promising opportunities in renewable energy insurance, view the full report.