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Daily Insurance Industry News
Sunday 21st of January 2018
May 25, 2011

Energy insurance still a buyer’s market

by Gill Montia

Story link: Energy insurance still a buyer’s market

Despite recent natural catastrophes, conditions remain favourable for most energy insurance buyers, Marsh reports.

According to the broker, negotiations for many buyers have become more difficult, as underwriters show greater price discipline and request more data from insureds, and rates have risen for some segments of the market.

However, most buyers continue to benefit from strong capacity and excess capital because primary energy insurance markets have suffered relatively few direct losses as a result of recent earthquakes.

Marsh’s energy practice global chairman, Jim Pierce, comments: “While conditions have become more challenging following recent natural catastrophes in Japan, New Zealand, and elsewhere, capacity and capital remain strong for energy insurers, meaning that this remains a buyer’s market,”

Mr Pierce adds: “Even with modest rate increases in some segments, Marsh expects conditions to remain favourable for the remainder of 2011, barring an unforeseen market-changing event.”

 

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