Reinsurance News
Energy
Cyber insurance prices set to increase for energy companies
29th June 2022
Energy and utility companies have become the main target for cyber attacks, according to a recent report by re/insurance broker Gallagher. Given the growing threat of such attacks, demand for cyber insurance from these companies has skyrocketed in recent months, the broker noted. According to the report, in response to a surge ... Read the full article
Hardening of energy market limited by positive factors: WTW
21st June 2022
Positive factors continue to limit the hardening of the market dynamic in upstream and downstream energy insurance, according to a WTW report. According to the broker’s 2022 Spring update, while downstream energy insurance buyers are yet to enjoy a soft market, the very best programs have now ... Read the full article
Zurich NA adds sustainability roles to its Construction & Energy teams
5th May 2022
Insurance and risk services provider, Zurich North America has announced that it has created three roles to support Zurich Construction and Energy customers in their evolving sustainability objectives. Alicia Pavelko has returned to Zurich to serve as Head of Construction Innovation and Sustainability, where she will report to Kelly Kinzer, Head ... Read the full article
The Hartford sets 2050 net zero target for all operations
8th April 2022
US property and casualty insurer, The Hartford, has announced its goal to achieve net zero Greenhouse Gas Emissions (GHGe) for its full range of businesses and operations by 2050, in alignment with the Paris Climate Accord. The goal is in addition to the company’s existing targets, where they aim to operate ... Read the full article
Energy transition risk accelerated by events in Eastern Europe: WTW
6th April 2022
According to the annual Energy Market Review by global re/insurance broker WTW, the need to manage energy transition risk is being accelerated by the requirement to seek alternative sources of energy to oil and gas, following events in Eastern Europe. The report also covers the volatility of the energy sector, with ... Read the full article
Markel Intl. makes two leadership changes
18th January 2022
Markel International, a subsidiary of the Markel Corporation, has appointed Louise Foley as head of marine and energy liability, and Holley Higgins as head of transport and logistics, both reporting to Andrew Carter, head of liability at Markel International. Foley will hold responsibility for all marine liability and energy liability writings, ... Read the full article
Climate transition plans vital as risk of fuel poverty looms: Swiss Re
6th October 2021
Swiss Re has underlined the “urgent need” for orderly climate change transition plans that invest more into renewables, as the energy crisis in Europe threatens to give rise to ‘fuel poverty’ and increase social tensions. In a new report, analysts note that energy prices have skyrocketed in recent weeks, as shortfalls ... Read the full article
Ariel Re provides insurance to backstop Powin’s storage solutions
21st September 2021
Ariel Re, through its Lloyd's Syndicate 1910, has insured the performance of battery energy storage solutions provider, Powin LLC, at a project by Invenergy, a global developer, owner, and operator of sustainable energy solutions, in Baja Californian Sur, Mexico. Powin is a global leader in the design and manufacture of battery ... Read the full article
Evolution of nat cat events remains a key challenge for the energy space: Munich Re Syndicate’s Timothy Lee
23rd June 2021
The increased unpredictability and severity of natural catastrophe events will continue to be the key challenges for the energy insurance sector, according to Timothy Lee, Energy and Engineering Underwriter, Munich Re Syndicate Singapore. In an interview with Reinsurance News, Lee noted that the energy insurance market continues to harden, although at ... Read the full article
PCS adds elemental Gulf of Mexico losses to Global Marine and Energy platform
14th October 2020
Property Claim Services (PCS), part of Verisk, has expanded its PCS Global Marine and Energy loss data service with the addition of elemental loss reporting for the Gulf of Mexico. In 2017, PCS ventured away from the property catastrophe sector for the first time with the launch of its Global ... Read the full article
PCS: Market sees hurricane Laura offshore energy loss at up to $250m
8th September 2020
Hurricane Laura's impacts to the offshore energy insurance and reinsurance market may be lower than anticipated, as Property Claim Services (PCS) explained to us that that the market sees the offshore loss from the hurricane at up to $250 million. Catastrophe risk modeller RMS said last week that it expects ... Read the full article
Climate risk to transform energy sector: Willis Towers Watson
16th April 2020
Analysts at Willis Towers Watson (WTW) have suggested that climate change risks and environmental social governance (ESG) will have a transformative effect on the energy insurance industry in the coming years. As part of its annual Energy Market Review, WTW noted that the recent oil price war and the reduction in ... Read the full article
Energy & power industry should prepare for turmoil, warns Marsh JLT Specialty
16th April 2020
Amid widespread uncertainty surrounding the potential impacts of the COVID-19 pandemic on the energy and power insurance sector, Marsh JLT Specialty has said that the industry should be prepared for a period of turmoil. Currently, the potential hit to the insurance and reinsurance industry from the impacts of the ongoing coronavirus ... Read the full article
Higginbotham names energy & marine practice leader
7th February 2020
Texas-based insurance brokerage Higginbotham has appointed Ted Dimitry to lead its energy and marine practice, based in Houston. He will be tasked with serving upstream, midstream and downstream oil and gas companies in the region. Dimitry has 23 years’ experience as a commercial property & casualty broker specialising in the oil and ... Read the full article
Swiss Re CorSo & kWh collaborate to expand solar energy adoption
14th January 2020
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, has entered into an Agency Agreement with solar risk management firm, kWh Analytics, designed to accelerate the growth of solar energy. According to Swiss Re and kWh Analytics, the InsurTech collaboration establishes a completely new category of risk ... Read the full article
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