As the implementation of renewable energies continues to rise, so too do the opportunities for insurers.

The most promising business exists in the solar, wind and biomass energy industries, as well as renewable's brightest up-and-coming star: energy storage.

According to the Washington-based Solar Energy Industries Association, solar energy grew 64 percent and wind energy grew 33 percent in the first quarter of 2016 alone. Biomass — energy deriving from plants and plant-derived materials — accounted for 4.8 percent of energy consumption in the U.S. in March 2016, according to the Institute for Energy Research (IER).

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