Aon  |  Energy

Geopolitical tensions, changing sociocultural values and commodity price volatility are adding new dimensions to the challenges facing upstream energy firms.

In pursuit of new reserves, upstream oil and gas companies are expanding into new and technically-challenging locations. Exploration and production operations are becoming increasingly remote and demand larger investments, adding new complexities to the network of risks faced by upstream firms. Meanwhile, regulators monitor operations with increasing scrutiny, and the threat of government intervention is both real and significant.

The future remains uncertain and in this world of accelerated change, a robust risk management strategy is critical. By working with a global risk advisory and broking team, firms can engage with regional hubs to access tailored support across diverse geographies.

An insurance broker with an industry focus can help develop and implement an appropriate risk management strategy which will provide protection and support as firms in the upstream oil and gas sector navigate existing and emerging challenges, irrespective of their position in the exploration and production lifecycle.


At Aon, we deliver:

We provide transactional and advisory solutions to our clients' business and risk-related needs (Click the hexagons for more information)

  • Risk Modelling & Consulting

  • Insurance & Risk Solutions

  • Claims Advocacy


  • Benchmarking

  • Transaction Services

  • Human Capital

Risk Modelling & Consulting

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.