Energy and power companies face significant challenges and wide-ranging risks as the industry continues to transform at a rapid pace. Across the world, energy demand is growing. At the same time, governments, organizations, and communities are committing to reduce carbon emissions and accelerate the transition to clean energy sources.
Infrastructure damage, weather and natural catastrophes, human error, or cyber threats can all cause power blackouts or severe disruption to energy production. Furthermore, policy or regulatory changes, as well as social pressures, can cause uncertainty for operators and investors.
Marsh’s global team of more than 700 specialists can reduce your total cost of risk and help create operational and financial stability for your business. We can advise you on risk exposures and insurance solutions to ensure you successfully achieve your objectives and remain resilient.
Generally, energy and power companies will need insurance coverage for their: onshore/offshore property, assets, and infrastructure; protection against business interruption and income loss; new construction investments; and third party liability and workers’ compensation losses. As most energy assets are in an open environment and exposed to natural elements, coverage for severe weather events or natural catastrophes is crucial. And, given the scale of digitization across the whole energy value chain, companies also need to consider protection for increasing cyber-related risks. Furthermore, depending on where operations are located, there may be a need to cover political and credit uncertainty.
Every company, operating facility, and investment is unique – the best way to understand, quantify, and manage risk is to partner with an experienced risk advisor.
Insurance and risk management in the energy and power industry is a complex topic and requires specialist knowledge. Oil and gas companies, power generators, distributors, retailers, and renewable energy investors and operators all have unique risk exposures and different insurance needs. It's important to partner with risk management advisors who understand your business model and can provide insights and access to the most relevant industry trends and best practices in insurance and risk management.
Marsh’s global team of energy and power advisors, risk engineers, and brokers can facilitate discussions with insurance markets worldwide and design solutions that support your organization’s short and long-term goals.
As the world moves toward a greener future, investments in renewable energy are on the rise. However, the transition to clean energy sources also brings disruption to the whole energy value chain. The risk landscape is rapidly changing for renewable energy investors, operators, and technology manufacturers.
Some of the key risks facing renewable energy stakeholders include:
Marsh’s global team of renewable energy specialists and risk engineers can keep you informed about renewable energy developments and help you manage your risks and opportunities.