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Energy and Power Insurance in France

  • September 2015
  • -
  • Finaccord
  • -
  • 35 pages

Energy and Power Insurance in France 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 France.

In addition to showing how its value has changed since 2010, analysis of the French 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 French 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 France (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 France
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 4
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 and natural gas imports vastly outweigh a very small amount of production 7
The number of refineries has fallen in recent years albeit pipeline mileage has increased 9
France is believed to host the largest shale oil and gas reserves in Europe 10
Competitive environment 10
Two TSOs operate France's gas transmission system 10
Alternative gas suppliers have made more headway in the industrial market than in the household sector 11
Energy (oil and gas) insurance market value, growth and segmentation 11
The French energy insurance market has declined sharply in both nominal and real terms… 11
… driven mainly by a fall in premiums in the sizeable downstream segment 11
Property and business interruption cover account for around 55% of all energy insurance premiums 13
Types of cover bought vary significantly across the downstream, midstream and upstream segments 13
Underwriter market shares 15
Upstream, midstream and downstream insurance 15
A very high proportion of the French energy insurance market is accounted for by captive underwriters… 15
… with AXA likely to be the largest open-market competitor in this sphere 15
Key brokers 17
The main role of brokers is to advise risk managers and to manage captive insurance programs 17
Future outlook 17
Oil and natural gas production 17
Energy (oil and gas) insurance 19
The value of the market is likely to contract further up to 2018 albeit at a slower rate 19
30 POWER INSURANCE 21
Power market and competitor background 21
Power generation 21
Renewable power generation has expanded in a market that is flat overall 21

Uniquely, nuclear energy is by far the most important source of power in France 21
although the government hopes to increase the share of renewables to close to one third by 2030 22
Hydropower is already a comparatively well-developed sector 23
Competitive environment 24
In spite of deregulation, EDF continues to dominate the electricity sector in France 24
Regulated tariffs are being abolished in 2015 in order to encourage more competition 24
Power insurance market value, growth and segmentation 24
Falling premium rates have brought about a diminution in the value of the power insurance market… 24
… with the conventional power insurance sector experiencing the steepest decline 25
Unsurprisingly, nuclear power insurance constitutes the largest individual market segment 26
Insurance for offshore wind energy is expected to offer substantial future growth potential 26
The French government has set up a risk insurance fund for the geothermal sector 26
Cover for property and business interruption are dominant within the total power insurance market… 27
… albeit there are some differences between the conventional and renewable segments 28
Underwriter market shares 30
Conventional power insurance 30
Captive underwriters hold a substantial share of the conventional power insurance sector… 30
Renewable power insurance 31
… but are much less prominent in the renewable power insurance market… 31
… in which a trio of non-indigenous insurers are likely to be the leaders 31
Key brokers 33
Leading power insurance brokers include Diot, Filhet-Allard and Verspieren 33
Future outlook 33
Power generation 33
Renewable power production will expand steadily while conventional power production slips back… 33
Power insurance 34
… with this dynamic also visible in the associated insurance markets 34
LIST OF GRAPHICS / TABLES
00 EXECUTIVE SUMMARY 1
Key market data for energy (oil and gas) and power insurance in France 2
10 INTRODUCTION 3
20 ENERGY (OIL AND GAS) INSURANCE 7
Oil production and imports in France, 2010 to 2014 7
Natural gas production and imports in France, 2010 to 2014 8
Oil and natural gas production (segmented between domestic consumption and exports) and imports in France, 2010 to 2014 (table) 9
Underlying oil and natural gas production and import infrastructure in France, 2010 to 2014 (table) 10
Energy (oil and gas) insurance premiums in France segmented between upstream, midstream and downstream, 2010 and 2014 12
Energy (oil and gas) insurance premiums in France segmented between upstream, midstream and downstream, 2010 and 2014 (table) 12
Energy (oil and gas) insurance premiums in France segmented by type of risk, 2014 13
Energy (oil and gas) insurance premiums in France cross-tabulated between upstream, midstream and downstream and by type of risk, 2014 14
Energy (oil and gas) insurance premiums in France cross-tabulated between upstream, midstream and downstream and type of risk, 2014 (table) 15
Estimated market shares of total energy (oil and gas) insurance underwriters in France, 2014 16
Estimated market shares of total energy (oil and gas) insurance underwriters in France, 2014 (table) 16
Oil and natural gas production forecast in France, 2018 (forecast) (low and high oil price scenarios) 18
Oil and natural gas production forecast in France, 2018 (forecast) (low and high oil price scenarios) (table) 18
Energy (oil and gas) insurance premiums in France segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) 19
Energy (oil and gas) insurance premiums in France segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) (table) 20
30 POWER INSURANCE 21
Power generation in France segmented between conventional, renewable and other sources, 2010 to 2014 21
Power generation in France segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 22
Power generation in France segmented between conventional, renewable and other sources, 2010 to 2014 (detailed breakdown) (table) 23
Power insurance premiums in France segmented between conventional, renewable and other sources, 2010 and 2014 25
Power insurance premiums in France segmented between conventional, renewable and other sources, 2010 and 2014 (table) 25
Power insurance premiums in France segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 27
Power insurance premiums in France segmented by type of risk, 2014 28
Power insurance premiums in France cross-tabulated between conventional, renewable and other sources and type of risk, 2014 29
Power insurance premiums in France cross-tabulated between conventional, renewable and other sources and type of risk, 2014 (table) 29
Estimated market shares of conventional power insurance underwriters in France, 2014 30
Estimated market shares of conventional power insurance underwriters in France, 2014 (table) 31
Estimated market shares of renewable power insurance underwriters in France, 2014 32
Estimated market shares of renewable power insurance underwriters in France, 2014 (table) 32
Power generation in France segmented between conventional, renewable and other sources, 2018 (forecast) 34
Power generation in France segmented between conventional, renewable and other sources, 2018 (forecast) (table) 34
Power insurance premiums in France segmented between conventional, renewable and other sources, 2018 (forecast) 35
Power insurance premiums in France segmented between conventional, renewable and other sources, 2018 (forecast) (table) 35

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