Energy insurance pricing faces difficulties
Saturday, 04 08 2017, Category: Insurance and Reinsurance, Country: World
Against a backdrop of a deteriorating rating environment, overcapacity and downturn in the industry, the energy insurance market continue to face its lowest rating environment in several decades, according to the latest quarterly Energy report from Lloyd & Partners.
According to the report price declines have persisted throughout the market and many underwriters are continuing to operate with combined ratios over 100 percent.
The cost reduction has been felt across the market, with both onshore and offshore premiums falling from approximately $6.5 billion to $3 billion over the past two years.
Source: Intelligent Insurer