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XHelping energy and power companies to succeed with solutions that reduce total cost of risk and volatility.
Research and Briefing
Marsh Specialty is pleased to issue the second Energy and Power Insurance Newsletter of 2021 considering the trends over the first quarter of 2021.
Renewable energy companies need to evolve to take advantage of proven risk management tools and resources.
RESEARCH AND BRIEFINGS
Given the changing market, insureds should proactively include their response to ESG issues as part of their underwriting submission.
The 26th edition summarizes the 100 largest property damage losses from the hydrocarbon extraction, transport, and processing industry between 1974 and 2019.
An effective response to wildfire risk includes taking steps to safeguard people, minimize damage to physical assets, and plan for a complex claims process.
Today’s power and energy companies face significant and wide-ranging risks. A rig accident or oil spill can have environmental and reputational impacts. Power blackouts due to aging infrastructure, weather, and human error can cause severe interruption to supply. Increasing political and social unrest may present additional challenges while local regulation poses challenges for production and distribution.
Marsh's Energy and Power Practice can help you to navigate these challenges. We advise you on risk and insurance issues impacting operational and financial success throughout the entire energy and power value chain. We help you to succeed by reducing your total cost of risk, managing volatility, and providing advice and solutions that help enable you to invest confidently for the future.
Marsh’s energy specialists are at the forefront of advising energy companies worldwide on the wide range of risks they face. Whether your focus is exploration, construction, production, or refining and marketing — single-location operations, new projects, or a diverse portfolio of integrated assets — our energy experts offer tailored risk management solutions.
Marsh’s power specialists help to identify events, issues, trends, and regulations impacting the industry. We can help to plan both traditional and alternative energy strategies. Our expertise is supported by industry-leading analytics, which can help project costs, losses, and pricing by coverage layer, and help you determine whether risks should transferred or retained.
Whether your focus is generation, transmission and distribution, retail — or a combination of these — our power experts offer bespoke risk management solutions.
Marsh's renewable energy specialists are at the forefront of the latest developments in the sector. From prototypical offshore wind projects to more familiar solar PV plants and from 'frontier' territories to those with long-established power grids, our clients must manage risks both familiar and novel. Our renewable energy specialists can help guide your company through this evolving risk landscape.
The planning and implementation of an effective risk management strategy depends on timely information, which in the energy and power industries is often highly technical and frequently impenetrable by anyone other than an engineer. Marsh’s risk engineering team provides risk managers and underwriters with the essential information needed to determine the right limit and scope of cover at the right price.
Each member of the team is a qualified engineer, with practical experience in design, construction, operation, and maintenance across a broad range of oil, gas, petrochemical, and power generation risks. They have been trained in advanced insurance skills, in the ability to assess and analyze risk, and to communicate effectively and frequently in more than one language.
The goal is to build bridges between risk engineering, insurance, and risk management, and between you and the underwriter. The team is also able to provide benchmarking information that enables a global opinion of the risk assessed against peer plants worldwide.
While the construction industry has rebounded from the financial crisis, margins have generally remained tight. Some firms are seeking new sources of revenue and profitability. Meanwhile, a shortage of skilled labor and risk of subcontractor default are concerns, adding uncertainty to the mix.
Marsh helps you assess risks and opportunities and uncover ways to use working capital more efficiently. We assess your firm’s appetite for risk, recommend solutions that meet your needs, and take your program to market knowing the best markets in terms of structure and pricing.
Marsh’s claims team is an industry-leading group of claims professionals who deal with some of the largest and most complex losses in both the power and energy industries. We are able to support you throughout the life of the claim and assist from the initial notification of the claim and management of insurers’ experts while representing your interests. By working with all of the stakeholders, we develop a claims strategy that puts in place the fundamentals needed to deliver on the insurance policy.
At Marsh, we believe that benchmarking individual risks or assets against industry “norms” provides a basis for informed decision-making. The quality of our benchmarking service is directly related to the extensive data that we have accumulated on energy and power companies of all sizes across the globe. Our market-leading suite of benchmarking tools and analytics include:
The energy and power industries are highly complex, and sourcing expert market capacity with broad coverage and competitive pricing can be particularly difficult. Our commitment to delivering the best outcomes for you, combined with our powerful market presence, has led to us to design placement facilities that offer you a range of risk placement benefits and efficiencies that, we believe, are unmatched in the current market.
Marsh’s Energy Insurance Training Courses are accredited by the Chartered Insurance Institute (CII) in London. We are the first broker to receive CII accreditation for its energy training courses, and completion of its modules now contributes 30 hours toward the CII member Continuing Professional Development (CPD) scheme.
The courses provide specialist energy risk and insurance training at beginner, intermediate, and advanced levels at various locations around the world, including London, Johannesburg, and Dubai. The programme is delivered by experts from Marsh’s Energy Practice and external tutors such as underwriters, loss adjusters, and risk managers. Delegates are subjected to rigorous assessments on completion of each module.
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