2016 Power & Utilities Market Update
Soft market conditions prevailed across the power generation sector in 2015, with major capital investors attracted by the power utility business which brought new capacity to the marketplace.
The latest Power & Utilities Market Update from Marsh’s international placement division, Bowring Marsh, analyses current global insurance market conditions for power generation risks and provides insight into changes within the property market, available capacity, and the underwriting approach of the world’s leading carriers across six regions – Asia, Bermuda, Europe, Latin America, the Middle East and Africa, and the United Kingdom.
Key findings include:
- Asia – competition continues to generate rate and premium reductions for clients with good loss records and/or proactive risk management policies.
- Bermuda – ample capacity is driving competition, and delivering positive results for clients in the direct and facultative marketplace.
- Europe – insurers are looking to implement regional strategies that focus on new countries in order to grow their portfolios.
- Latin America – local insurers continue to be a strong supporter of power generation risks, offering competitive terms and conditions for renewables.
- Middle East and North Africa – insurers are making every effort to meet their aggressive growth targets by increasing shares and pressure.
- United Kingdom – insurers are demonstrating a willingness to broaden horizons, with a number taking a “portfolio” view as well as understanding that they need to work hard to retain share, and even harder to attract new opportunities.