WTW Energy Market Review 2023
As is so often the case in the global upstream market, a lot can happen within a very short space of time. In November 2022, when we published our Energy Market Review Update, we predicted a renewed market appetite for those programmes that promised the best returns for insurers in 2023. And although we looked forward to the reinsurance renewal season at January 1 with some trepidation, not many in this market could have foreseen the ferocious nature of this season, nor indeed the lateness with which some direct insurers were able to finalise their reinsurance treaty protections.
As a result, we must now report a confusing set of dynamics operating in this market. As ever, there are some trends which pertain to the advantage of the buyer and others that do so for the insurer. However, astute readers of our Review will have spotted that the balance of these “kitchen scales” has changed again – this time, once more in favour of the insurance market. While we had hoped to be able to comment on a brighter picture from a buyer’s perspective, we must instead focus on the reasons for this renewed market hardening and what buyers can do to avoid its worst effects.
To read more, please download the full article, below.
| Title | File Type | File Size |
|---|---|---|
| Global Upstream: An uncertain outlook as reinsurance costs bite | 1 MB |
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