Insurance rates for wind and solar projects around the world are rising by 20-40% after a long overdue “correction” in the market, Recharge has learned.

Over the past decade, rates have fallen by 5-15% annually as multiple insurers entered the renewables market and offered cheap policies in order to build up their share of the business. But the bubble seems to have burst in the past few months, with several major players withdrawing from wind and solar insurance after sustaining heavy losses.