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The broker called on the industry to address the issue of ageing infrastructure. -
Upstream energy is unaffected by the pullback.
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The company wants to remove coal-based companies from its investment and insurance portfolios by 2040.
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The broker has made sweeping changes to its global green energy broking set-up.
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City comptroller Scott Stringer said AIG, BHSI and Liberty Mutual should stop underwriting and investing in coal.
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The downstream market is expected to be less impacted although there is some BI exposure.
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A memo seen by this publication says the Dubai-based MGA plans to relaunch its energy operation.
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Rates have risen by more than 20 percent, and will be impacted by Covid-19 and the oil price war.
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Rate growth in the sector stands at 20 percent and in some cases even higher.
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The broker predicts a “period of turmoil” among energy companies and their insurers.
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The falling oil price could shrink premiums and curtail rate rises in the recovering class.
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The worst performing Lloyd’s syndicate suffered from adverse development on prior years for both classes in 2019.
