Energy losses spike over last two years as resilience lags risk, warns Marsh JLT

Energy losses spike over last two years as resilience lags risk, warns Marsh JLT

Energy losses spike over last two years as resilience lags risk, warns Marsh JLT

Eight of the largest energy losses on record took place in the last two years, according to a new report by Marsh JLT Specialty that warns resilience in the sector lags risk. In a new report recording the 100 largest losses in the hydrocarbon industry during the past 45 years, Marsh JLT Specialty says: “The past two years have contributed…

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT boosts renewable energy team

Marsh JLT Specialty has boosted its renewable energy team with the creation of new regional roles. Oliver Holme has been appointed to the newly created role of UK and US offshore wind leader. Mr Holme previously worked as lead risk and insurance specialist for a Danish utility. He will relocate to Boston from London early in 2021 and he will…

Blanket management decisions stopping upstream energy from ‘re-softening’, says WTW

Blanket management decisions stopping upstream energy from ‘re-softening’, says WTW

Blanket management decisions stopping upstream energy from ‘re-softening’, says WTW

The energy insurance market remains two-paced, with upstream conditions likely to be “re-softening” if insurance companies were not making blanket management decisions to refuse rate decreases, according to Willis Towers Watson’s (WTW) Energy Market Review 2020. But things remain tough for downstream buyers, it adds. The broker also warned that environmental social and governance (ESG) risks will combine with the…

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

Marsh JLT Specialty has warned that “savage” conditions facing upstream energy firms are likely to be made worse by insurance capacity withdrawals. In its latest energy report, the broker says the crisis facing upstream energy companies – fuelled by Covid-19 and a collapse the in oil price – is worse than any in living memory. While reduced output could be…

Tokio Marine HCC buys renewable energy risk specialist GCube

Tokio Marine HCC buys renewable energy risk specialist GCube

Tokio Marine HCC buys renewable energy risk specialist GCube

Tokio Marine HCC is buying renewable energy risk specialist GCube in a bid to tap into the growing market. GCube has a team of 50 staff and is based in London, with additional offices in Amsterdam, New York and California. It writes global property and liability cover for renewable energy construction and operational risks in 40 countries. The firm covers…

Swiss Re to stop underwriting carbon-intensive oil and gas firms

Swiss Re to stop underwriting carbon-intensive oil and gas firms

Swiss Re to stop underwriting carbon-intensive oil and gas firms

Swiss Re will stop (re)insuring the world’s most carbon-intensive oil and gas companies, extending its stance on coal underwriting that has been adopted by many other industry players. The reinsurer will also stop investing in those oil and gas firms. Swiss Re said it will use a carbon-intensity threshold to gradually withhold cover from, and stop investing in, the world’s…

Renewable energy insurance market has ‘truly hardened’ during last year: Willis

Renewable energy insurance market has ‘truly hardened’ during last year: Willis

Renewable energy insurance market has ‘truly hardened’ during last year: Willis

Pressure to improve profitability in the London and European insurance markets has been felt by renewable energy firms, with insurance costs rising and the process to secure cover now taking far longer, according to a report on the sector from Willis Towers Watson (WTW). The report says market rates have “truly hardened” during the past 12 months. The broker explains…

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

Japanese insurers come under increased pressure over coal industry support

The pressure on Japanese insurers and wider financial services groups to pull their backing from the climate-damaging coal sector has been intensified in recent weeks, as Japan’s environment minister Shinjiro Koizumi publicly stated that the use of public funds for the Vung Ang 2 coal-fired power-generation project in Vietnam was inconsistent with policies of the Japanese government. Mr Koizumi’s statement…

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Neon to enter Lloyd’s run-off in 2020

Lloyd’s managing agency Neon Underwriting is being placed into run-off by its US owner American Financial Group (AFG). AFG said Neon has “failed to achieve” profitability objectives since it acquired the business as Marketform in 2008. In particular, AFG said Neon’s results prospects for 2019 and 2020 fall below its expectations. Marketform relaunched as Neon in 2016 with a book…

1 2 3 24