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Energy and Power Insurance in Germany

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

Energy and Power Insurance in Germany 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 Germany.

In addition to showing how its value has changed since 2010, analysis of the German 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 German 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 Germany (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 Germany
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
Both oil and natural gas imports slipped back slightly between 2010 and 2014 7
The number of onshore rigs has risen steadily and there is only one offshore platform 9
The largest element of the German pipeline system is due to the gas distribution network 10
Competitive environment 10
International oil companies are the dominant competitors in the German refinery sector 10
Energy (oil and gas) insurance market value, growth and segmentation 11
The value of the small German energy insurance market has declined in recent years 11
… with the proportion of the total market due to the midstream segment having risen 11
Property and business interruption insurance account for the majority of premiums 13
Types of cover bought vary across the downstream, midstream and upstream segments 13
Underwriter market shares 15
Upstream, midstream and downstream insurance 15
Captive underwriters play a major role in the German energy insurance market… 15
… with the largest non-captive insurer unlikely to hold a market share of much more than 10% 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
Germany's small energy insurance market is unlikely to deliver any growth up to 2018 19
30 POWER INSURANCE 21
Power market and competitor background 21
Power generation 21
Renewable power generation in Germany increased by more than 50% between 2010 and 2015… 21
… albeit coal remains the most important source of power 21

Renewables are projected to account for at least 35% of total gross electricity consumption by 2020 22
Competitive environment 23
Germany has a diverse power market although four companies dominate 23
Power insurance market value, growth and segmentation 24
The value of the German power insurance market declined between 2010 and 2014… 24
… in spite of a sharp rise in premiums in the renewable power sector 25
Buyers of onshore wind energy insurance are benefitting from high levels of capacity 26
Business interruption insurance is the most important cover type for conventional power stations… 27
… although property insurance accounts for around a half of premiums in the renewable power sector 27
Power insurance underwriter market shares 30
Conventional power insurance 30
Captive underwriters play a notable role in the insurance of conventional power plants… 30
Renewable power insurance 32
… but are much less prominent in the fast-growing market for renewable power insurance 32
… in which Gothaer is likely to have established itself as the leading underwriter 32
Key brokers 34
Distribution systems for renewable power cover are more diverse than those for conventional power 34
Future outlook 34
Power generation 34
Power production in Germany will edge up between 2014 and 2018 34
Power insurance 35
Growth in the power insurance market will be wholly due to the renewable power sector 35

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for energy (oil and gas) and power insurance in Germany 2
10 INTRODUCTION 3
20 ENERGY (OIL AND GAS) INSURANCE 7
Oil production and imports in Germany, 2010 to 2014 7
Natural gas production and imports in Germany, 2010 to 2014 8
Oil and natural gas production (segmented between domestic consumption and exports) and imports in Germany, 2010 to 2014 (table) 9
Underlying oil and natural gas production and import infrastructure in Germany, 2010 to 2014 (table) 10
Energy (oil and gas) insurance premiums in Germany segmented between upstream, midstream and downstream, 2010 and 2014 12
Energy (oil and gas) insurance premiums in Germany segmented between upstream, midstream and downstream, 2010 and 2014 (table) 12
Energy (oil and gas) insurance premiums in Germany segmented by type of risk, 2014 13
Energy (oil and gas) insurance premiums in Germany cross-tabulated between upstream, midstream and downstream and type of risk, 2014 14
Energy (oil and gas) insurance premiums in Germany 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 Germany, 2014 16
Estimated market shares of total energy (oil and gas) insurance underwriters in Germany, 2014 (table) 16
Oil and natural gas production in Germany, 2018 (forecast) (low and high oil price scenarios) 18
Oil and natural gas production in Germany, 2018 (forecast) (low and high oil price scenarios) (table) 18
Energy (oil and gas) insurance premiums in Germany segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) 19
Energy (oil and gas) insurance premiums in Germany segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) (table) 20
30 POWER INSURANCE 21
Power generation in Germany segmented between conventional, renewable and other sources, 2010 to 2014 21
Power generation in Germany segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 22
Power generation in Germany segmented between conventional, renewable and other sources, 2010 to 2014 (detailed breakdown) (table) 23
Power insurance premiums in Germany segmented between conventional, renewable and other sources, 2010 and 2014 25
Power insurance premiums in Germany segmented between conventional, renewable and other sources, 2010 and 2014 (table) 25
Power insurance premiums in Germany segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 27
Power insurance premiums in Germany segmented by type of risk, 2014 28
Power insurance premiums in Germany cross-tabulated between conventional, renewable and other sources and type of risk, 2014 29
Power insurance premiums in Germany cross-tabulated between conventional, renewable and other sources and type of risk, 2014 (table) 29
Estimated market shares of conventional power insurance underwriters in Germany, 2014 31
Estimated market shares of conventional power insurance underwriters in Germany, 2014 (table) 31
Estimated market shares of renewable power insurance underwriters in Germany, 2014 33
Estimated market shares of renewable power insurance underwriters in Germany, 2014 (table) 33

Power generation in Germany segmented between conventional, renewable and other sources, 2018 (forecast) 35
Power generation in Germany segmented between conventional, renewable and other sources, 2018 (forecast) (table) 35
Power insurance premiums in Germany segmented between conventional, renewable and other sources, 2018 (forecast) 36
Power insurance premiums in Germany segmented between conventional, renewable and other sources, 2018 (forecast) (table) 36

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