As a leading global professional services firm with regional risk management and energy expertise in Asia, Aon has all the right tools to help clients through this tightening market.
In the wake of continued global losses in the downstream refining and petrochemical sector, international insurers are becoming increasingly selective on new and renewal risks, introducing strong underwriting discipline across their portfolio and mandating premium increases.
In a tightening insurance market, there is more scrutiny around coverage, risk information and premium levels as insurers consider the capacity they are willing to commit to insurance programmes. Alongside these premium and coverage changes, the downstream energy sector has seen multiple global insurers withdraw from this sector over the last 24 months, concerned over the worsening loss ratios.
The upstream market is more stable, partly due to an oversupply of capacity and the absence of major losses. However, upstream insurers are aware the effect a major offshore loss could have on their portfolio and addressing this with small price increases, greater focus on risk quality and maintenance activities, particularly during this period of low oil prices and disruption from COVID-19.
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