About Property Insurance in the Oil and Gas Sector
Property insurance in the oil & gas industry offers coverage against the property damage from any accidents or oil & gas organization activities. The oil & gas sector is constantly evolving across the globe with the increasing demand for petroleum products. The insurance helps the industry to mitigate huge financial cost occurs from various incidents. Increasing use of new technologies by oil & gas businesses to maximize their production and recent development in subsea technology will increase the demand for property insurance.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Property Insurance in the Oil and Gas 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.
Allianz Global Corporate and Specialty (Germany), American International Group (United States), The Travelers Companies (United States), Marsh (United Kingdom), Axa XL (United States), Liberty Mutual (United States), Willis Towers Watson (United Kingdom), Munich Re (Germany), Intact Financial Corporation (Canada), Aon (United Kingdom) and Cravens Warren (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Property Insurance in the Oil and Gas Sector market by Type (Personal Property Insurance and Commercial Property Insurance), Application (Upstream Sector, Midstream Sector and Downstream Sector) and Region.
On the basis of geography, the market of Property Insurance in the Oil and Gas 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 Sales Channel, the sub-segment i.e. Online will boost the Property Insurance in the Oil and Gas Sector market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Adoption of Property Insurance by Downstream Oil & Gas Sector
Market Growth Drivers:
Increasing Number of Incidents in Oil & Gas Industries and Increasing Awareness about Oil & Gas Property Insurance to Mitigate Financial Loss
Challenges:
Less Insurance Coverage for Physical Damage and Business Interruption
Restraints:
High Cost of Insurance Due to Changing Technology
Opportunities:
Increasing Number of Offshore Drilling Activities in the Asia Pacific and East Africa Areas
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Property Insurance in Oil & Gas Sector Providers, Reinsurance Service Providers and Insurance Brokers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-Users 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.