Global Market Update

This edition of Marsh Specialty’s global newsletter includes analysis of insurance market conditions, an overview of the key dynamics in global regions, a risk engineering update, and an article about the growing interest in mutual insurers.

As we enter the last quarter of 2021, a common theme is the deceleration of insurance rate increases in most energy sectors, with some sub-sector exceptions, and in some cases the early signs of an approaching softening market.

Hurricane Ida had threatened to knock the market cycle off course, but while the full losses are yet to be calculated, from early reports it looks unlikely that energy and power insurers will be significantly impacted. Many insureds that suffered losses either did not purchase named windstorm coverage or the deductibles and waiting periods imposed by the market were not significantly exceeded. The cost of coverage and restrictive terms and conditions applied to this coverage means that some insureds are unable to purchase the desired level of protection for their operations.

We hope you enjoy this edition and welcome your feedback.

Oil platform on the ocean. Offshore drilling for gas and petroleum or crude oil. Industrial

Insurance Market

Aerial view of wind turbines at sea, North Holland, Netherlands

Regional Update

Oil worker is checking the pump near oil derrick on the sunset background.

Growing Interest in Mutual Insurers

Demystifying Clauses

Inspection engineers preparing to rappel down a rotor blade of a wind turbine

Risk Engineering

News Briefs

Labor Law Lawyer Legal Business Internet Technology Concept

Legal Roundup

Atlantic Name Windstorm Season Forecast

Industry pipeline transport petrochemical, gas and oil processing, furnace factory line, rack of heat chemical manufacturing, equipment steel pipes plant

Report

100 largest losses in the hydrocarbon industry

02/14/2024

Event

ANZ Energy Industry Conference 2023

12/04/2023

Team building structure and organization concept. HR and recruitment.

Report

Management of organisational change

11/22/2023

Concept of an energy storage system based on electrolysis of hydrogen in a clean environment with photovoltaics, wind farms and a city in the background. 3d rendering.

Article

Hydrogen science 101: Understanding electrolyzer risks

06/20/2023

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”

Global market quarterly update

This edition of Marsh Specialty’s global newsletter includes analysis of insurance market conditions, an overview of the key dynamics in global regions, a risk engineering update, and an article about the growing interest in mutual insurers.