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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 ageing infrastructure, weather, and human error can cause severe interruption to supply. Increasing political and social unrest may present additional challenges while changing regulations can affect power 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. By aiming to help reduce your total cost of risk, we provide advice and solutions that can assist in future investment decisions.
Energy: Oil, Gas, and Petrochemicals
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 bespoke risk management solutions.
Power: Generation, Transmission and Distribution, and Retail
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. Supported by industry-leading analytics, we can help you project costs, losses, and pricing by coverage layer and determine whether risks should be transferred or retained.
Whether your focus is generation, transmission and distribution, retail — or a combination of these — our power experts provide risk management solutions that are tailored to your needs.
Engineering
The planning and implementation of an effective risk management strategy is complex — especially in the energy and power sector, which depends on highly technical and frequently impenetrable information that is impenetrable by anyone other than an engineer. Marsh’s risk engineering team provides risk managers and underwriters with the essential information they need 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 all been trained in advanced insurance skills, in the ability to assess and analyse 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.
Construction
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 labour and risk of subcontractor default are concerns, adding more 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.
Claims
Marsh’s global 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 establishes the fundamentals needed to deliver on the insurance policy.
Benchmarking
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:
- Premium benchmarking.
- Policy-type benchmarking.
- Peer-group benchmarking.
- Loss-scenario testing.
- Claims review.
- Acquisitions stress test.
Innovative Placement Solutions
The energy and power industries are highly complex. 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 strong market relationships, 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.