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Energy and Power Insurance in Brazil

  • September 2015
  • -
  • Finaccord
  • -
  • 36 pages

Energy and Power Insurance in Brazil is a report and market data file about the current and future outlook for the insurance of risks associated with the fast-evolving energy (oil and gas) and power sector in Brazil.

In addition to showing how its value has changed since 2010, analysis of the Brazilian energy insurance market sub-divides it both by type of operation (i.e. upstream, midstream and downstream) and by type of risk (i.e. business interruption, construction, control of well / OEE, environmental liability, general liability, property and other) with these two splits then cross-tabulated against each other to identify the most valuable market segments. In addition, its value (split by type of operation) is forecast to 2018 and estimates for the market shares of energy insurance underwriters are provided, expressed as percentage ranges (e.g. 5.0% to 7.5%).

Market value data spanning 2010 to 2014 (with a forecast to 2018) is also provided for the Brazilian power insurance sector with segmentations in this case provided by power source at both a high level (i.e. conventional, renewable, other) and a detailed level (i.e. coal, gas, nuclear and oil in the conventional segment, and biomass, hydro, solar and wind in the renewable segment), as well as by type of risk (i.e. business interruption, construction, liability, property and other). Once again, these splits are cross-tabulated against each other and market shares for underwriters of power insurance are estimated as percentage ranges.

Over and above this unique market data, the study also examines the market drivers for both energy and power insurance in Brazil (e.g. trends in oil and natural gas production and imports, trends in power generation segmented by source) plus the role played by captive and mutual underwriters (including the approximate percentage of the respective market values that they insure). In addition, it identifies the brokers with the most significant involvement in these two sectors, and considers how changes in the underlying energy and power sectors are likely to impact the associated insurance markets.

Table Of Contents

Energy and Power Insurance in Brazil
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
10 INTRODUCTION 3
What is this report about and what is its rationale? 3
Several factors underpin the rationale for producing global research about energy and power insurance… 3
… including its worldwide value of more than USD 235 billion in 2014… 3
… and the growth of hydraulic fracturing (fracking), deepwater drilling, solar power and wind power 3
Methodology 3
Research program 3
Sources 3
Definitions 4
Energy (oil and gas) insurance 4
The energy insurance market segments between the upstream, midstream and downstream sectors… 4
… and by several types of cover, including one specific to upstream insurance 4
Power insurance 4
Power insurance covers the conventional, renewable and other power sectors 4
Premiums 5
Abbreviations 5
Finaccord 5
20 ENERGY (OIL AND GAS) INSURANCE 7
Energy (oil and gas) market and competitor background 7
Production, imports and associated infrastructure 7
Oil production and imports have recovered from the trough of 2012… 7
… while natural gas imports surged in 2013 and 2014 7
There are around 100 offshore rigs and platforms in Brazilian waters 9
The discovery of deepwater oil fields has shaped investment in Brazil's oil sector 10
The GASENE has linked Brazil's two main natural gas pipelines 10
Brazil plays host to an aging inventory of refineries 10
Competitive environment 11
The dominant position of Petrobras has sometimes limited opportunities for competing energy firms 11
Energy (oil and gas) insurance market value, growth and segmentation 11
Brazil's energy insurance market is likely to have expanded quite rapidly in recent years… 11
… with the proportion of the total market due to the upstream segment having risen significantly 11
Three types of insurance account for fairly similar shares of energy premiums… 13
… namely, business interruption, construction and property cover 13
Upstream construction insurance is likely to be the most valuable individual segment 13
Underwriter market shares 15
Upstream, midstream and downstream 15
ACE is comfortably the market leader in the Brazilian energy insurance market… 15
… followed by a mixture of indigenous and foreign underwriters 15
Key brokers 17
The large international brokers are the most active energy insurance market competitors 17
Future outlook 17
Oil and natural gas production 17
Energy (oil and gas) insurance 19
Growth in the value of the energy insurance market is likely to abate slightly between 2014 and 2018… 19
… for a number of reasons including exceptional factors concerning Petrobras 19
30 POWER INSURANCE 22
Power market and competitor background 22
Power generation 22
Renewable power dominates conventional power in Brazil… 22
… as a result of the importance of hydropower 22
… albeit this can be problematic at times of drought 23
Solar and wind energy remain in their infancy although biomass is quite significant… 24
… having expanded at a similar rate to the conventional power sources of gas and oil 24
Competitive environment 25
Electrobras accounts for around one third of power generation in Brazil 25
Other important power firms include Cemig, Cesp and COPEL 25
Power insurance market value, growth and segmentation 25
The value of total power insurance premiums is likely to have topped USD 250 million in 2014… 25
… with pricing understood to have been relatively stable for both conventional and renewable risks… 27
… albeit rising claims in the hydropower sector may have caused some underwriters to ensure losses 27
Over 20% of the market value may be due to cover bought for the risk of business interruption 28
Underwriter market shares 31
ACE's lead in the power insurance sector is probably narrower than it is for energy insurance… 31
… with a diverse range of underwriters competing in this market 31
Key brokers 33
JLT is especially strong in reinsurance broking in the power market 33
Future outlook 33
Power generation 33
Brazil is looking to reduce its dependence on hydropower… 33
… albeit new plants are coming into operation in the north of the country 33
Power insurance underwriters may be able to accommodate higher insured sums in future 35 ENERGY AND

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for energy (oil and gas) and power insurance in Brazil 2
10 INTRODUCTION 3
20 ENERGY (OIL AND GAS) INSURANCE 7
Oil production and imports in Brazil, 2010 to 2014 7
Natural gas production and imports in Brazil, 2010 to 2014 8
Oil and natural gas production (segmented between domestic consumption and exports) and imports in Brazil, 2010 to 2014 (table) 9
Underlying oil and natural gas production and import infrastructure in Brazil, 2010 to 2014 (table) 10
Energy (oil and gas) insurance premiums in Brazil segmented between upstream, midstream and downstream, 2010 and 2014 12
Energy (oil and gas) insurance premiums in Brazil segmented between upstream, midstream and downstream, 2010 and 2014 (table) 12
Energy (oil and gas) insurance premiums in Brazil segmented by type of risk, 2014 13
Energy (oil and gas) insurance premiums in Brazil cross-tabulated between upstream, midstream and downstream, and by type of risk, 2014 14
Energy (oil and gas) insurance premiums in Brazil cross-tabulated between upstream, midstream and downstream, and by type of risk, 2014 (table) 15
Estimated market shares of total energy (oil and gas) insurance underwriters in Brazil, 2014 16
Estimated market shares of total energy (oil and gas) insurance underwriters in Brazil, 2014 (table) 17
Oil and natural gas production in Brazil, 2018 (forecast) (low and high oil price scenarios) 18
Oil and natural gas production in Brazil, 2018 (forecast) (low and high oil price scenarios) (table) 18
Energy (oil and gas) insurance premiums in Brazil segmented between upstream, midstream and downstream, 2018 (low and high oil price scenarios) 20
Energy (oil and gas) insurance premiums in Brazil segmented between upstream, midstream and downstream, 2018 (low and high oil price scenarios) (table) 21
30 POWER INSURANCE 22
Power generation in Brazil segmented between conventional, renewable and other sources, 2010 to 2014 22
Power generation in Brazil segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 23
Power generation in Brazil segmented between conventional, renewable and other sources, 2010 to 2014 (detailed breakdown) (table) 24
Power insurance premiums in Brazil segmented between conventional, renewable and other sources, 2010 and 2014 26
Power insurance premiums in Brazil segmented between conventional, renewable and other sources, 2010 and 2014 (table) 26
Power insurance premiums in Brazil segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 28
Power insurance premiums in Brazil segmented by type of risk, 2014 29
Power insurance premiums in Brazil cross-tabulated between conventional, renewable and other sources and type of risk, 2014 30
Power insurance premiums in Brazil cross-tabulated between conventional, renewable and other sources and type of risk, 2014 (table) 31
Estimated market shares of total power insurance premiums of underwriters in Brazil, 2014 32
Estimated market shares of total power insurance premiums of underwriters in Brazil, 2014 (table) 33
Power generation in Brazil segmented between conventional, renewable and other sources, 2018 (forecast) 34
Power generation in Brazil segmented between conventional, renewable and other sources, 2018 (forecast) (table) 34
Power insurance premiums in Brazil segmented between conventional, renewable and other sources, 2018 (forecast) 35
Power insurance premiums in Brazil segmented between conventional, renewable and other sources, 2018 (forecast) (table) 36

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