Insurance and oil costs to rise as two more tankers hit in Gulf of Oman

Insurance and oil costs to rise as two more tankers hit in Gulf of Oman

Insurance and oil costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman today that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk…

Gently down the stream: How international insurance programmes can help manage large and evolving energy risks

Gently down the stream: How international insurance programmes can help manage large and evolving energy risks

Gently down the stream: How international insurance programmes can help manage large and evolving energy risks

From natural catastrophe to cyber, the downstream energy sector grapples with some large and evolving risks. Todd Wilhelm, regional product leader for energy, property and construction for Asia-Pacific at AXA XL, explains how these risks can be managed and transferred through international insurance programmes. What trends are you seeing in the management and transfer of downstream energy risk? While it…

Capacity shrinks in ‘bleak’ downstream market: Willis

Capacity shrinks in ‘bleak’ downstream market: Willis

Capacity shrinks in ‘bleak’ downstream market: Willis

Downstream energy buyers face tightening insurer capacity for the first time since the 2001 Twin Towers attack in New York, according to Willis Towers Watson’s Energy Market Review 2019. Coupled with heavy losses, rate increases are persisting as “the fight to survive for some insurers is now entering a decisive phase”, it adds…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

New deal on reinsurance for Equatorial Guinea energy market

New deal on reinsurance for Equatorial Guinea energy market

New deal on reinsurance for Equatorial Guinea energy market

Alesco Risk Management Services (Alesco), a specialist insurance and risk management broker, has been appointed to arrange a reinsurance facility for all international upstream energy insurance programmes written from Equatorial Guinea. The move follows several recent developments in the local insurance market. Alesco has been appointed by African Reinsurance Corporation (Africa Re) in a move that adheres to the Insurance…

Willis taps Marsh for key appointments

Willis taps Marsh for key appointments

Willis taps Marsh for key appointments

Willis Towers Watson has tapped Marsh for its new head of marine broking, and power and utilities CEEMA region leader. Willis Towers Watson has appointed David Ripton as head of broking, global marine in its corporate risk and broking unit. Mr Ripton joins Willis’s global marine team from Marsh, where he worked as CEO for UK marine business. In his…

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re brings Chinese renewable energy risks to London

China Re, now the biggest reinsurance group in Asia and eighth globally by premium income, has announced the launch of a renewable energy consortium at Lloyd’s, to help support China’s massive national renewable power development project. The booming Chinese offshore sector has benefited from a commitment by President Xi Jinping to provide $360bn to renewable power development by 2020. The…

1 2 3 21