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Hard Market for Power Companies if Major Losses Continue

Power-generating companies have had at least one major loss in excess of $25 million each year since 2005, and the continuing trend could lead to price and capacity issues if insurers begin to leave the market, according to a report from insurance-broker Marsh.

By Mark E. Ruquet | Updated on October 11, 2012

Power-generating companies have had at least one major loss in excess of $25 million each year since 2005, and the continuing trend could lead to price and capacity issues if insurers begin to leave the market, according to a report from insurance-broker Marsh.

“Insurers are reconsidering their stance on pricing and conditions for the global-power industry following sustained heavy losses arising from machinery breakdown, fire and explosion, natural perils and associated business interruption,” says Philippe Du Four, chairman of Marsh’s Global Power practice in a statement. “Improving risk-management techniques to reduce claims frequency and costs should be a business imperative for power organizations.”

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