Aon’s risk consulting and actuarial teams have developed a three-step process to enable energy firms to make informed decisions about risk management. First, analysis is undertaken to identify the firm’s tolerance to financial shock. These insights are then considered against strategic objectives to determine a qualified risk appetite. Risk appetite is then modelled against loss and premium data to determine the risk profile. These data-driven insights enable us to design an insurance programme which optimises risk retention relative to commercial risk transfer options and alternative risk solutions; for example, self-insurance, captive solutions and/or mutualisation.
Demand from both established and emerging economies is demanding rapid evolution across the energy sector. From policy wording and coverage analysis, to negotiating terms, to placing coverage and monitoring your insurance program over time, our specialist global team tailor solutions to the specific needs and objectives of your firm. Solutions include:
- Control of well
- Business interruption
- Kidnap and ransom
- Political risk and terrorism
- Directors and officers
- People risk
- Credit solutions & transactional risk
Although it is extraordinarily rare, firms may occasionally encounter coverage issues with their insurers. In such instances, our dedicated energy claims team works cooperatively with clients, insurers or insurers' monitoring counsel and, when necessary, serve as advocates for our clients. Our deep and longstanding relationships with insurers enable us to maintain an active role throughout the claims negotiation and resolution process. With claims preparation and forensic accounting teams, we support a client’s claims process to deliver superior outcomes on complex claims.
Understanding how your insurance program is performing in an increasingly challenging business environment is crucial. Aon’s position in the market has enabled us to accumulate information on markets, rates and coverage. Benchmarking is available on limits, layering, retentions and pricing. This information can be coupled with other metrics, such as revenue and headcount, to address specific needs and objectives. With these data-driven insights, we are able to monitor performance and strategize for program development in accordance with your risk requirements and risk appetite.
Mergers, acquisitions, divestitures, and joint ventures are also part of the economic reality. At Aon, we provide assistance at each stage of the process, including contract and asset review as part of the due diligence process. The commercial insurance market, as an alternative or complimentary risk provider, can add significant upside to a transaction, removing potential barriers for example, through surety and structured credit solutions.
Maintaining a healthy and engaged workforce is critical to energy firms’ continued success. At Aon, we provide a portfolio of human capital solutions, including: health and benefits, retirement and investment, talent acquisition and retention, and people analytics.