Global Property Insurance Market in the Oil and Gas Sector 2016-2020
About Global Property Insurance in the Oil and Gas Market
The global property insurance in the oil and gas market is reliant upon the state of the global oil and gas market. It also depends on the broader insurance market cycle. The recent retreat in the global crude oil and associated energy prices is expected to have a significant effect on the course followed by the market over the forecast period. The global property insurance in the oil and gas market was valued at $14.171 billion in the year 2015 and is anticipated to expand at a CAGR of 3.349% over the forecast period.
Technavio’s analysts forecast the global property insurance in oil and gas market to grow at a CAGR of 3.349% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global property insurance in oil and gas market for 2016-2020. To calculate the market size, the report considers the revenue generated by the demand for property insurance for its application by end-users in each region and their corresponding key countries.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Property Insurance in Oil and Gas Market 2016-2020
Technavio recognizes the following companies as the key players in the global property insurance in oil and gas market: American International Group, Allianz, Willis-Tower Watsons, Marsh, and Aon.
Other Prominent Vendors in the market are: XL Caitlin, Liberty Mutual, Intact Insurance, Travelers, Cravens Warren, ACE, Empire Company, Jardine Lloyd Thompson, Heirs Insurance Brokers, AON Benfield, Osprey Insurance Brokers, Paragon Insurance, and Starr Tech.
Commenting on the report, an analyst from Technavio’s team said: “In the property insurance domain, oil and gas or otherwise, the rise in the number of business interruption claims is one of the most evident trends that has emerged over the last few years. This particular claim type is seeing an increased share in the overall loss. In the oil and gas domain, the energy players are purchasing an increasing number of BI (business interruption) covers as refining and processing margins maintain their healthy levels in the US.”
According to the report, enforcement of strict regulations will be a key driver for market growth. One of the inherent characteristics of the insurance market pertains to the immediate use of the policy and the premiums. In the oil and gas industry, the sum insured and the related premium are pretty high. The high levels of risks associated with the operations also add to the increase in the premiums paid for covers. As the insurance premiums rise in any particular year, it has an effect on the profit margins of the vendors. This reason has forced, over the years, many smaller oil and gas companies to forego the insurance cover costs.
Further, the report states that one of the challenges for the market will be complexities associated with evolving technology. As with any industry, the property insurance in the oil and gas business is deeply affected by the changing contours of the various operations and the technology. Thus, employed. The insurance business is based on the insurance underwriter's perception of the risks associated with the industry. The key ingredient in the building up of this perception is based on deep understanding of the technology and years of experience. As the oil and gas operations move into newer avenues and employ radically new technologies, many seasoned underwriters are at a loss for words. This has affected the operation models of many brokers and insurers in the oil and gas domain.
American International Group, Allianz, Willis-Tower Watsons, Marsh, Aon,XL Caitlin, Liberty Mutual, Intact Insurance, Travelers, Cravens Warren, ACE, Empire Company, Jardine Lloyd Thompson, Heirs Insurance Brokers, AON Benfield, Osprey Insurance Brokers, Paragon Insurance, Starr Tech.
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