Worst Loss Record in Nearly Ten Years for Downstream Energy According to Our Energy Market Review 2018
Today we launched our Energy Market Review for 2018, stating that the downstream energy sector suffered its worst loss record for nearly ten years. However, despite this and the impact of 2017's
Key insurance market findings from the Review include:
* Capacity: once more, capacity has crept up in both the Upstream and Downstream Property markets, to
* Losses: Upstream has had one of the most benign loss years on record in 2017 (under
* Rating levels: While the year on year broad decrease in rating levels of recent years has finally been brought to an end for most buyers, the overall upswing in rating levels has been small in both markets, with modest increases being negotiated for the majority of programmes.
* Profitability: Upstream portfolio appears to have benefitted significantly from the 2017 benign loss record and remains generally profitable. However, the outlook for Downstream insurers is much less promising, with few recording a profitable year in 2017.
"We recognise that insurers now have to consider whether to continue to invest heavily in these portfolios or to scale back to wait for better conditions to materialise. Both options carry risks, which suggest that the outlook for the energy insurance markets remains an uncertain one."
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