About Downstream Property Insurance in the Energy Sector
The downstream Energy insurance consists of businesses in power generation, electricity supply, renewable energy, oil refining, and petrochemical processing, against all risk of direct physical loss or damage to property including business interruption arising. In the energy industry, property insurance covers human life, the environment, and property from any accidents related to energy organization activities. The energy industry consists of a series of procedures, chemical reactions, and harsh and difficult working conditions which tend to increase the risk to cost-intensive property, human life, and the environment. Thus, the industry requires 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. Property insurance can include personal insurance, renter’s insurance, flood insurance, and earthquake insurance. According to the study, The Middle East Downstream Property Insurance in the Energy Sector market was valued at USD 1103.38 Million in 2020 and is expected to reach USD 1501.17 Million by 2026.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 6.3% |
Downstream Property Insurance in the Energy Sector is highly competitive, with several key players dominating the industry. The market players are focused on developing a variety of features and benefits to meet the needs. Thus, constantly introducing new innovation in processing to meet the changing needs and preferences of consumers. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Downstream Property Insurance in the Energy Sector market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AXA SA (France), Chubb (Switzerland), Tokio Marine HCC (United States), Liberty Mutual Insurance Company (United States), Allianz (Germany), American International Group, Inc. (United States), Berkshire Hathaway, Inc (United States), Munich RE (Germany), Zurich (Switzerland), Oman Insurance Company (United Arab Emirates), Al Ain Ahlia Insurance Co. (United Arab Emirates), International General Insurance Co Ltd (Jordan) and HDI Global SE (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Swiss Re (Switzerland) and Aspen Insurance (Bermuda).
Segmentation Overview
AMA Research has segmented the market of Global Downstream Property Insurance in the Energy Sector market by and Region.
On the basis of Type, All-risk Physical Damage are dominating the market in the year 2022 where as Construction and Builders’ Risk stood as second largest market share.
On the basis of application, Oil Refining segment is dominating the market in the year 2022 where as Petrochemical Processing segment stood as second largest market .On the basis of geography, the market of Downstream Property Insurance in the Energy Sector has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Direct will boost the Downstream Property Insurance in the Energy Sector market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. All-risk Physical Damage will boost the Downstream Property Insurance in the Energy Sector market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Renewable Energy will boost the Downstream Property Insurance in the Energy Sector market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Huge Enhancement for oil and gas protection Oil and Gas and Declining Energy Prices
Market Growth Drivers:
Rising Demand for Up Surging New and Ongoing Projects and The Increasing Awareness Regarding the Insurance for Energy Industry in Developing Countries
Challenges:
The Intense Market Competition across the globe
Restraints:
The Increasing Cost of Oil and Gas Insurance Claims
Opportunities:
More inclination towards Digital Access and Enhanced Claim Settlings
Market Leaders and their expansionary development strategies
In October 2021, AXA extends its commitment to fight climate change and protect biodiversity. AXA announces several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations.
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
Key Target Audience
Downstream Property Insurance in the Energy Sector Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.