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Exposures are 'greater than ever,' but opportunity remains in energy insurance

Energy companies in some sectors have deferred asset maintenance and upgrades over the past several years, which has resulted in a rush of claims approaching billion-dollar losses.

By Melissa Hillebrand | Updated on December 07, 2016

While more risks exist in the energy industry than ever before and challenges to underwriters have never been as great, opportunities still abound for insurers willing to do their due diligence in a market that is constantly evolving.

Which is not to say that insuring clients in the energy market is without its perils; clients in some sectors are facing greater exposures than they’ve seen in years. It doesn’t help that oil hit a 12-year low earlier this year, when the price per barrel fell below $27: An oversupply of oil translates to lower prices per barrel, which in turn means that energy companies can’t afford to make upgrades to their assets.

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