Energy
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The broker said terms and pricing were not significantly impacted by new capacity from oil and gas players. -
In the upstream market, benign conditions are expected in 2022 as commodity prices increase.
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The broker said the last three years of hardening had led to a “substantial technical correction”.
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If rising prices are not addressed in insurance policies, gaps could leave energy sector players uninsured as asset values exceed insurance limits.
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The energy market is being watched closely due to its potential to produce large risk losses.
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Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
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The hire previously worked for BMS and Price Forbes.
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Rose will be based out of Dallas, and he comes on board to expand MGA capabilities within power and energy.
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Covid concerns are still high, while natural catastrophe concerns and capacity reduction are driving premium increases.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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Oliver Brown, Penny Wang, James Emson and Jack Erritt form the team.
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