At the December Climate Summit in Cancun, Mexico, Munich Re said, expectations are low that an agreement will be reached on mitigation of carbon. To do this, the United States and China would have to change their stance--which the company said is unlikely.

With climate change in mind, Munich Re said it has devised a number of covers to reduce the risks for investors in renewable energies, thus making such investments feasible.

Munich Re said the spectrum ranges from traditional coverage for industrial facilities to complex solutions, such as coverage against a lack of wind or sunshine and performance guarantee covers for manufacturers in the technology sector that reduce the risks for investors.

The most recent example is a performance guarantee cover concluded in October for concentrator photovoltaic modules produced by U.S. manufacturer SolFocus, the company said.

Munich Re also cited Desertec, a project using solar energy or wind power that will initially focus on the Middle East/North Africa region, using the vast expanses of desert there. Electricity is to be transmitted over long distances using extremely low-loss high-voltage direct current technology (HVDC).

Munich Re said it expects its premium income from these coverages to increase substantially by 2020.