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Grappling with energy’s shifting exposure base
16 March 2010
The international oil and gas industry is perhaps the most valuable of all and provides premium-hungry insurers and reinsurers with a seemingly endless supply of demand at a time when profitable premium growth is tough to find. But the risk-reward ratio is increasingly difficult to master.
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Energy specialists agree that demand for fossil fuels will continue to rise quickly for years to come driven largely by the fast-growing economies of China and India, despite ever-rising pressure to limit consumption of such energy sources and shift to cleaner alternatives.
But while the opportunities for the risk transfer market are obvious this is not an easy area in which to identify, measure, manage and transfer risks, not least because of the added complexities brought by the green agenda and new risks emerging from the need to find and exploit ever new sources of energy in ever more remote difficult to access places.
This taxing and fast-changing macro-economic and risk management landscape was discussed in depth at a recent National Oil Companies (NOC) conference in Dubai, organised by broker Marsh and attended by about 200 senior executives from leading NOCs, international oil companies (IOCs) and a range of service...
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