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Energy and Power Insurance in Japan

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

Energy and Power Insurance in Japan 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 Japan.

In addition to showing how its value has changed since 2010, analysis of the Japanese 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 Japanese 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 Japan (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 Japan
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
Natural gas imports have grown somewhat faster than oil imports in recent years 7
LNG imports are important to the Japanese energy sector 9
Separate, non-integrated pipelines still constitute a large portion of the transport system 10
The number of refineries has been falling in line with declining demand for oil 10
Competitive environment 10
Japex is the country's largest domestic upstream producer… 10
while JX Nippon Oil and Energy is its dominant refiner 11
Energy (oil and gas) insurance market value, growth and segmentation 11
Almost 90% of the Japanese energy insurance market is due to the downstream segment 11
On a combined basis, property and business interruption cover account for over two thirds of premiums 12
Underwriter market shares 15
Upstream, midstream and downstream insurance 15
Captive underwriters are likely to claim a relatively high share of the Japanese energy insurance market… 15
… with Tokio Marine the leading open market competitor 15
Key brokers 17
Multi-tied insurance agencies are more influential than brokers as distributors 17
Future outlook 17
Oil and natural gas production 17
Energy (oil and gas) insurance 19
The value of the energy insurance market is likely to have retreated further by 2018 19
30 POWER INSURANCE 21
Power market and competitor background 21
Power generation 21
There has been some growth in renewable power generation but the market has declined overall… 21
The collapse in nuclear power has brought about an upturn for other conventional power sources 22
A resumption in the production of nuclear energy is likely to be subject to delays 22
Substantial investments in renewable power have produced mixed results 23
Japan's national electricity grid is hindered by an east-west divide using different frequencies 24
Competitive environment 24
Ten regional power utilities largely control the market for electricity distribution in Japan 24
The Japanese government took a majority equity stake in TEPCO in 2012 24
Power insurance market value, growth and segmentation 25
The small market for renewable power insurance expanded quite rapidly up to 2014 25
Gas-fired power stations accounted for the highest proportion of power insurance premiums in 2014 26
Underwriters have been hesitant about providing cover for some offshore wind and solar power risks 27
By type of cover, property insurance is the most valuable segment of Japan's power insurance market 28
Underwriter market shares 30
Conventional power insurance 30
Conventional power risks are mainly insured in the open market… 30
… and non-indigenous underwriters have made some progress in this arena 30
Renewable power insurance 32
Tokio Marine is likely to be the clear market leader for renewable energy insurance in Japan 32
Key brokers 33
Marsh and Toyotsu have strengths in distinct segments of the renewable power insurance sector 33
Future outlook 33
Power generation 33
At the overall level, Japanese power generation will remain stable up to 2018… 33
Power insurance 35
… which translates into limited growth in the associated insurance market 35

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for energy (oil and gas) and power insurance in Japan 2
10 INTRODUCTION 3
20 ENERGY (OIL AND GAS) INSURANCE 7
Oil production and imports in Japan, 2010 to 2014 7
Natural gas production and imports in Japan, 2010 to 2014 8
Oil and natural gas production (segmented between domestic consumption and exports) and imports in Japan, 2010 to 2014 (table) 9
Underlying oil and natural gas production and import infrastructure in Japan, 2010 to 2014 (table) 10
Energy (oil and gas) insurance premiums in Japan segmented between upstream, midstream and downstream, 2010 and 2014 12
Energy (oil and gas) insurance premiums in Japan segmented between upstream, midstream and downstream, 2010 and 2014 (table) 12
Energy (oil and gas) insurance premiums in Japan segmented by type of risk, 2014 13
Energy (oil and gas) insurance premiums in Japan cross-tabulated between upstream, midstream and downstream and by type of risk, 2014 14
Energy (oil and gas) insurance premiums in Japan 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 Japan, 2014 16
Estimated market shares of total energy (oil and gas) insurance underwriters in Japan, 2014 (table) 16
Oil and natural gas production in Japan, 2018 (forecast) (low and high oil price scenarios) 18
Oil and natural gas production in Japan, 2018 (forecast) (low and high oil price scenarios) (table) 18
Energy (oil and gas) insurance premiums in Japan segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) 19
Energy (oil and gas) insurance premiums in Japan segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) (table) 20
30 POWER INSURANCE 21
Power generation in Japan segmented between conventional, renewable and other sources, 2010 to 2014 21
Power generation in Japan segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 22
Power generation in Japan segmented between conventional, renewable and other sources, 2010 to 2014 (detailed breakdown) (table) 23
Power insurance premiums in Japan segmented between conventional, renewable and other sources, 2010 and 2014 25
Power insurance premiums in Japan segmented between conventional, renewable and other sources, 2010 and 2014 (table) 26
Power insurance premiums in Japan segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 27
Power insurance premiums in Japan segmented by type of risk, 2014 28
Power insurance premiums in Japan cross-tabulated between conventional, renewable and other sources and type of risk, 2014 29
Power insurance premiums in Japan cross-tabulated between conventional, renewable and other sources and type of risk, 2014 (table) 30
Estimated market shares of conventional power insurance underwriters in Japan, 2014 31
Estimated market shares of conventional power insurance underwriters in Japan, 2014 (table) 31
Estimated market shares of renewable power insurance underwriters in Japan, 2014 32
Estimated market shares of renewable power insurance underwriters in Japan, 2014 (table) 33

Power generation in Japan segmented between conventional, renewable and other sources, 2018 (forecast) 34
Power generation in Japan segmented between conventional, renewable and other sources, 2018 (forecast) (table) 34
Power insurance premiums in Japan segmented between conventional, renewable and other sources, 2018 (forecast) 35
Power insurance premiums in Japan segmented between conventional, renewable and other sources, 2018 (forecast) (table) 36

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