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ENERGY & POWER NEWSLETTER

Onshore Construction Market Update Q1 2021

Update on market trends related to onshore construction.
Power and Nuclear Insurance

Onshore Construction

The market is at a steady rate of change edging rates up, and limits down. There has not been a step change, or overreaction to treaty renewals, indicating that both treaty reinsurers and insurers are comfortable with their forward view. In global markets, there are signs the gaps between policy terms, conditions and pricing offered in London compared to other regions are narrowing.

Obtaining timely responses to underwriting submissions continues to be a challenge with renewals taking longer than many clients had become accustomed to during the soft market.

As wind turbine sizes increase in both onshore and offshore sectors, deductibles are also increasing.

In some areas, difficulty in securing a consensus on policy wordings is also taking time as there are marked variances in relation to cyber and communicable disease exclusions.

If there are no large losses, which have not been allowed for within insurers’ models, the market conditions could be nearing a plateau.

NEWSLETTER

The Energy & Power Newsletter

April 2021 Energy & Power Newsletter considering the insurance trends over the last quarter.

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.”