Global Property Insurance for Oil & Gas Sector Market Overview:
The oil & gas industry consists of a series of procedures, chemical reactions and harsh & difficult working conditions that tend to increase the risk to cost-intensive property and environment. Thus, the industry needs to be insured to cover a certain proportion of the liability in case of any accidents. Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft.
As per latest study released by AMA Research, the Global Property Insurance for Oil & Gas Sector market is expected to see growth rate of 3.34%Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
High Growth Market | Asia Pacific |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The property insurance are now made to compensate an insured for the financial impact of the interruption/interference to that business as a result of physical damage to insured property or other key external events, such as damage at a supplier’s or customer’s premises.
Market Growth Drivers:
The increasing number of interruption in the oil and gas industry due to the occurrences such as power shutdown, internal or external interference in operational activities, or other activities reacted to property. Property insurance provides damage and rebuilds claims regarding property damage costs and normal maintenance/scheduled turnaround/betterment costs. The growing demand for property insurance in the oil and gas sector has driven market growth.
Challenges:
Declining Oil & Gas Sector Due to Shortage of Current Oil & Gas Resources. and Business Interruption claims continue to increase relative to property damage losses which are more cost-effective in current market conditions. As a result, oil and gas insurers continue to see higher value business interruption claims, which are typically more complex to handle and by their nature can sometimes take several years to settle
Opportunities:
An increase in deductible limits by oil and gas companies’ in order to save money on premiums will ultimately increase the coverage limit. Also, certain laws provide exemptions from the deduction limit for certain situations and will provide tax saving. This benefit has motivated the oil and gas sector to adopt insurance policies of which property insurance is being demanded.
Competitive Landscape:
Some of the key players profiled in the report are AXA SA (France), Chubb (United States), Tokio Marine HCC (United States), Liberty Mutual Insurance Company (United States), Allianz (Germany), American International Group, Inc. (United States), Berkshire Hathaway, Inc. (United States), Intact Financial Corporation (Canada), The Travelers Indemnity Company (United States), Cravens Warren Commercial Insurance (United States) and Munich RE (Germany). The Players having a strong hold in the market are Allianz, Berkshire Hathway, American International Group, Liberty Mutual. Analyst at AMA Research see United States Players to retain maximum share of Global Property Insurance for Oil & Gas Sector market by 2028. Considering Market by Coverage, the sub-segment i.e. Replacement cost will boost the Property Insurance for Oil & Gas Sector market. Considering Market by Package, the sub-segment i.e. Owners Insurance will boost the Property Insurance for Oil & Gas Sector market.
Latest Market Insights:
In December 2019, Intact Financial Corporation announced that it has completed the acquisition of The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited (Frank Cowan), having received all required regulatory approvals worth USD 1 billion
In November 2019, Allianz Group announced that it has partnered with Microsoft to digitally transform the insurance industry wherein Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services
Analyst View
Although incidents across the oil and gas industry have become less frequent over time, the cost of oil and gas insurance claims continues to rise. Business interruption losses in the oil and gas industry are likely to increase over the next decade unless greater attention is given to how an event could affect supply chains that are more integrated, interdependent, and streamlined. Property insurance tends to cover the environment and property from any accidents and oil & gas organisation activities. This insurance also provides insured coverage a certain proportion of the liability in case of any accidents. As property insurance can provide replacement cost or agreed value in order to help the oil and gas industry get back on track as quickly as possible their demand is anticipated to increase in the oil and gas sector.
What Can be Explored with the Property Insurance for Oil & Gas Sector Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Property Insurance for Oil & Gas Sector Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Property Insurance for Oil & Gas Sector
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Property Insurance for Oil & Gas Sector market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Property Insurance for Oil & Gas Sector market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Property Insurance Vendors, New Entrants/Investors, Analysts and Strategic Business Planners and Providers, Venture Capitalists and Private Equity Firms and Government Regulatory and Research Organizations.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.