The renewable energy industry could be spending three times as much on insurance every year by 2020 to mitigate risks to projects, says a new report by Bloomberg New Energy Finance sponsored by Swiss Re. The report looked at six of the world’s leading markets for solar and wind, including Australia, China, France, Germany, the United Kingdom and the United States. Depending on the scenario, insurance premium volumes in these markets could increase from $850 million today to anywhere between $1.5 billion and $2.8 billion by the end of this decade.

Based on current projections, new renewable power capacity built worldwide between now and 2030 will account for more than $2 trillion in total investment. Of this, 75 percent or 900GW of capacity additions will be in the solar and wind sectors, both onshore and offshore, and over half of this is attributable to Australia, China, France, Germany, the UK and the US.