Energy
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Marsh has bolstered its upstream energy division with the appointment of Thomas Burrows from Convex, Insurance Insider has learned.
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If rising prices are not addressed in insurance policies, gaps could leave energy sector players uninsured as asset values exceed insurance limits.
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Demand is growing for insurance capacity to cover less carbon-intensive energy sources.
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The AIG-owned business has seen a major transformation in its senior leadership.
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The well-known underwriter has held similar positions at Sompo International and Partner Re.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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The energy market is being watched closely due to its potential to produce large risk losses.
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Damage to crucial power infrastructure caused by the storm left over one million Louisiana residents without power.
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Market sources said there had been no reports of major incidents, but damage assessments would begin in earnest today.
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Platforms are the most at risk offshore energy asset, with 1,651 exposed to the current trajectory of Ida, while bulk carriers are the most exposed marine asset, with 100 currently exposed.
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An increase in participants in the class of business could risk derailing underwriting remediation efforts.
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The broker said ESG pressure was attracting capacity away from fossil fuels to renewables.
