The availability of oil and gas resources is the number one risk to the oil industry according to a poll of delegates carried out at Marsh’s National Oil Companies conference in Dubai in late February.
Insurers and reinsurers are constantly criticised by insurance buyers for failing to meet new risks presented by rapid technological change. The energy sector is a good example as it undergoes structural change and adapts to advances in technology. During a panel chaired by Commercial Risk Europe Editor Adrian Ladbury, part of the NOC conference in Dubai, three leading insurance and reinsurance executives explained what is needed for the sector to rise to the challenge.
Only a small portion of national oil companies (NOCs) currently operate a captive insurance company, but, broker Marsh believes that expansion by these huge state-backed companies into new territories and increased partnership arrangements with private companies should spark demand.
[DUBAI]—Europe could be self-sufficient on power from natural gas, and escape Russia’s supply-stranglehold, if energy companies in Europe follow the lead from the United States and invest in a new gas extraction technology called hydraulic fracturing.
I have to confess that when I see a speech on enterprise risk management scheduled at a conference I usually earmark that hour for some well-deserved pool time.
International energy industry executives were warned last week to not allow short-term financial targets to overshadow basic health and safety needs, by Judith Hackitt, Chair of the United Kingdom’s Health and Safety Executive.
AXIS Capital Holdings, the Bermuda-based insurance and reinsurance group, has formed a renewable energy team within its AXIS Insurance business in London.