The Egyptian Insurance Federation expects a potential growth in the volume of global insurance premiums, by 2030, to exceed $20 billion, as a result of the emergence of several major environmental trends, which are shaping the future landscape and stimulating potential demand for insurance, according to an analysis conducted by the AON Strategy and Technology Group (STG). ).
The Federation added in its weekly bulletin that the insurance industry plays a crucial role in helping individuals, companies, and governments adapt to climate change, mitigate its impact, and enable the transition from brown energy to green energy, while – during that transition – there are many risks and many growth opportunities. AON had issued a report entitled Climate and Catastrophe Insight 2024 that analyzes the global natural risks of 2023, the impact of climate change on humans, the social economy and other emerging issues, and aims to help overcome volatility, enhance resilience and make better decisions.
The bulletin added that while the need to expand sustainable energy capabilities is clear, investments do not always flow as smoothly and quickly as required, as concerns about exposure to natural disasters and political risks have hindered investment in some solar and offshore wind projects. She added that insurance can address political, technical, credit and operational challenges that would hinder investment or increase the costs of financing renewable energy projects.