Energy buyers face further market upheaval with downstream rates up by 30%: Marsh

Energy buyers face further market upheaval with downstream rates up by 30%: Marsh

Energy buyers face further market upheaval with downstream rates up by 30%: Marsh

Energy buyers have one “safe harbour” in the upstream energy market, with all other classes under “extreme stress” to provide capacity and rates rising, Marsh JLT Specialty said in its latest market bulletin. Upstream energy is out of line with “improved economics” for insurers in other energy classes, with rate rises of 5% at the beginning of this year slipping…

Capacity shrinks as insurers pressured to make coal uninsurable

Capacity shrinks as insurers pressured to make coal uninsurable

Capacity shrinks as insurers pressured to make coal uninsurable

Insurance capacity for coal mining and power generation risks is shrinking rapidly as environmental groups put insurers and brokers under increasing pressure to make thermal coal uninsurable. In July, Chubb said it would no longer provide insurance for thermal coal. It was the first major US insurer to adopt such a policy. Chubb said it will not underwrite new risks…

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…

Munich Re launches battery cover to help decarbonisation

Munich Re launches battery cover to help decarbonisation

Munich Re launches battery cover to help decarbonisation

Munich Re said its new product for insuring battery performance is a “key piece of the puzzle” to decarbonise the energy market. The company said the global cover insures battery manufacturers’ warranties for ten years, and has already been taken up by US battery manufacturer ESS Inc. Munich Re said the insurance will kick in where the repair or replacement…

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Insurance is not a cure-all for poor risk selection

Global mining conglomerates and their insurance and reinsurance partners will have to improve their risk management outcomes to ensure the long-term sustainability of mining insurance, and must follow the advice of their insurers when it comes to loss prevention. “It does not matter what premium you charge for cover nor what terms and conditions you attach to the insurance policy…

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