Skip to main content

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.