Energy

The more important driver of past downswings in loss costs has been unemployment.

Prices in February rose at a 7.9% annual pace, a 40-year high, accelerating as the effects of the Ukraine-Russia conflict intensified and concerns over global energy disruptions grew.

Founded by Ryan Specialty, the underwriter can now write limits of up to $400mn per project.

Based in Toronto, Zhou and Lui report to Jennifer Arezes, head of property, construction and energy in Canada.

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.

The broker said the last three years of hardening had led to a “substantial technical correction”.

If rising prices are not addressed in insurance policies, gaps could leave energy sector players uninsured as asset values exceed insurance limits.

The energy market is being watched closely due to its potential to produce large risk losses.

Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.

Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.

The hire previously worked for BMS and Price Forbes.