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Energy & Specialty Insurance: A Healthy Marriage

Coverage solutions in the burgeoning energy market provide tremendous global opportunity.

By Mario Vitale | Updated on April 29, 2014

In the specialty risk sector of the insurance industry, we are tasked with the challenge of trying to predict the future and manage uncertainty. This challenge requires deep expertise and innovative tools to not only prepare for future unknowns–significant weather events, business interruption, emerging risks–but also to proactively forecast what business lines, industries and even geographies have significant growth potential ahead. These growth areas are often on the verge of rapid development and change, which drives the increased need for innovative and responsive insurance products that can effectively meet complex and growing business requirements. And today, there is no bigger area of global growth and impact than the energy sector.  

The International Energy Outlook 2013 report projects that world energy consumption will grow by 56 percent between 2010 and 2040, driven by strong economic growth and expanding populations. In order to meet that ever-increasing demand, the global energy landscape is rapidly evolving. The energy industry affects everything from macroeconomic trends such as unemployment, infrastructure, the global economy and climate change, to the way we live and work and manufacture the products for our everyday lives.  

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