The energy industry is showing signs of seeking alternatives to the traditional commercial insurance market, according to a brokerage firm report issued today.
The "Energy Market Review," issued by Willis Group Holdings Limited in London, said that there is more movement toward self-insurance, captives and mutual insurers as risk management tools.
"Buyers are increasingly looking outside of the commercial insurance market for alternatives," said Phillip Ellis, chairman of Willis Global Energy, in a statement. "Add to this the gap that exists between the price of insurance products and the quality of risk being underwritten, and the challenge facing brokers is clear: We need to rapidly innovate, price and offer products and services that reflect and transfer the risks our clients truly face."
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