Energy
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An abundance of capacity is leading to price reductions in the downstream sector. -
The watchdog is proposing rules that would require actuaries to consider climate risks in technical work.
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Plus people moves and all the top news of the week.
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Increased competition in the upstream space, driven by a capacity surplus, is turning conditions in the favour of clients.
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The Lloyd’s business recently launched into the energy class under the leadership of Richard Pursey.
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The latest round of sanctions against the rogue state banned the insurance of ships carrying Russian oil.
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Challenging loss activity for battery storage projects has led to a capacity contraction in the sub-sector.
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It is understood that the account includes oil platforms, crude barrels and 12 vessels, and is one of the largest accounts in the South American country.
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Competition for business is leading to a rollback in exclusions written into contracts following major loss activity.
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Clients face under-insurance for BI if their coverage is not adjusted to reflect energy price rises.
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The product will provide construction all risk and operational all risk coverage, backed by AI-powered data and analytics.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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