LONDON, July 30, 2024 — The renewable energy sector has shown resilience and optimism in 2024 despite facing constraints such as climate issues, supply chain disruption, casualty deterioration, social inflation and geopolitical conflicts. However, overall profitability remains challenging due to variable results within energy classes according to the Renewable Energy Market Review 2024, published today by WTW (NASDAQ: WTW), a leading global advisory, broking, and solutions company.
The review, titled Prepare for storms, plan for stability, includes commentary from international experts and specialists in areas such as battery energy storage systems (BESS), offshore wind, floating solar installations and green hydrogen, as well as a detailed analysis of the insurance markets for renewable energy. Together, they provide a comprehensive analysis of the risks and opportunities in 2024.
Several key trends are explored in this years’ review:
Steven Munday, natural resources global renewable energy leader at WTW, said: “Recent challenges have tested the insurance markets, but resilience has improved. While surplus capacity exists for proven technologies, caution remains. The ongoing competition and potential for a La Niña year keep rates steady, with parametric solutions gaining traction despite integration challenges. To capitalise on emerging opportunities, renewable energy risk and insurance buyers should continue to engage with advisors and markets, employing smarter solutions to navigate the complexities of the evolving landscape.”
“Recent challenges have tested the insurance markets, but resilience has improved.”
Steven Munday | natural resources global renewable energy leader at WTW
The complete report can be downloaded here.
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