Industry Background:
Energy insurance is a highly specialized area of the insurance industry. To correctly assess the extensive range of risks and exposures involved in an oil company's upstream and downstream operations, it takes a team of highly experienced experts. Energy insurance covers all risks in the oil and energy industry. It includes well control expenses, property insurance which includes on-shore and off-shore properties, terrorism coverage for all interruptions as well as third-party liability.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | AXA S.A. (France), Ping an Insurance (Group) Company of China Ltd. (China), Allianz SE (Germany), Anthem, Inc. (United States), Assicurazioni Generali S.p.A. (Italy), State Farm Group (United States), Berkshire Hathaway Inc. (United States), American International Group, Inc. (United States), Chubb (Switzerland), Brit Limited (United Kingdom), International General Insurance Co Ltd (Jordan), HDI Global (Germany), Tokio Marine Holdings, Inc (Japan), Munich Re (Germany), Intact Financial Corporation (Canada) and Zurich Insurance (Switzerland) |
This growth is primarily driven by Rising Demand for Up Surging New and Ongoing Projects, Insurance Aids in Expansion Of Energy Infrastructure and Growing Demand for Insurance Coverage for Large Scale Project Development.
Globally, a noticeable market trend is evident Huge Enhancement for oil and gas protection Oil
Major Players, such as AXA S.A. (France), Ping an Insurance (Group) Company of China Ltd. (China), Allianz SE (Germany), Anthem, Inc. (United States), Assicurazioni Generali S.p.A. (Italy), State Farm Group (United States), Berkshire Hathaway Inc. (United States), American International Group, Inc. (United States), Chubb (Switzerland), Brit Limited (United Kingdom), International General Insurance Co Ltd (Jordan), HDI Global (Germany), Tokio Marine Holdings, Inc (Japan), Munich Re (Germany), Intact Financial Corporation (Canada) and Zurich Insurance (Switzerland), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Global Energy Insurance is a fragmented market due to the presence of various players. The players are investing more in mergers and acquisitions to enhance their market presence. Also, the company’s focus is on launching new Policies. The companies are planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
In June 2021, Berkshire Hathaway Specialty Insurance (BHSI) announced that it has launched Energy and Technical Lines Casualty products in the UK and established a dedicated London-based Energy & Technical Lines underwriting team. to expand our casualty capabilities with the deep technical risk expertise of our new team,” said Hilary Browne, Head of Casualty, UK & Europe.
In April 2021, Chubb released its annual Liability Limit Benchmark & Large Loss Profile report. The report highlights the frequency and severity of large loss data over the past decade, as well as the liability insurance limits for businesses across several industry sectors, including chemical, construction, consumer products, healthcare, life sciences, manufacturing, oil and gas, rail transportation, road transportation, real estate and hospitality, and utilities.
Regulatory Insights:
As per the Law on Energy Insurance, “The provisions of the Law on Insurance shall apply to the relationships regulated by this Law to the extent that this Law does not provide otherwise.”
Influencing Trend:
Huge Enhancement for oil and gas protection Oil and Transition from Traditional to Renewable Source
Market Growth Drivers:
Rising Demand for Up Surging New and Ongoing Projects, Insurance Aids in Expansion Of Energy Infrastructure and Growing Demand for Insurance Coverage for Large Scale Project Development
Challenges:
Strict Regulations on the Energy Insurance Providers
Restraints:
High Premium cost Associated with the Energy Insurance
Opportunities:
More inclination toward Digital Access and Enhanced Claim Settlings and Untapped High-Potential Product Segment for Energy Insurance
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Energy Insurance Market
- Analysis about New Entrants in Energy Insurance Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Energy Insurance Study Sheds Light on
The Energy Insurance Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Energy Insurance industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Energy Insurance industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.