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Energy and Power Insurance in the UK

  • September 2015
  • -
  • Finaccord
  • -
  • 41 pages

Energy and Power Insurance in the UK 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 the UK.

In addition to showing how its value has changed since 2010, analysis of the UK 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 UK 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 the UK (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 the UK
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
Crude oil production peaked in 1999 and has been declining since then… 7
Competitive environment 11
Over 50 companies are involved in upstream oil and natural gas exploration and production 11
Energy (oil and gas) insurance market value, growth and segmentation 11
In spite of declining production, the UK's energy insurance market has remained relatively stable 11
The value of premiums underwritten in the upstream segment has been impacted by a variety of factors 13
while downstream premium rates are thought to have declined significantly 13
Cover for property and business interruption together make up over 50% of the market value… 13
… with upstream property insurance the largest segment within the overall market 14
Underwriter market shares 16
Upstream insurance 16
A high proportion of upstream energy insurance business in the UK is underwritten at Lloyd's of London 16
New competitors have brought about a softening market that may persist in future 16
Midstream and downstream insurance 18
AIG and Allianz are likely to be the market leaders in midstream and downstream energy insurance 18
Broker market shares 20
Four competitors dominate the UK's energy insurance broking market 20
Future outlook 22
Oil and natural gas production 22
Future trends in production are heavily dependent on the direction of the global oil price 22
The regulatory environment will also be significant in this respect 22
Energy (oil and gas) insurance 24
The value of the energy insurance market is forecast to decline even if the price of oil recovers… 24
… which is a consequence of several factors 24
30 POWER INSURANCE 27

Power market and competitor background 27
Power generation 27
Renewable power generation in the UK increased substantially between 2010 and 2014… 27
… with wind power the largest renewable power segment, ahead of biomass 27
The EMR aims to improve energy security in part through modernisation of the national grid 28
Competitive environment 29
The ‘big six' are less dominant in power generation than in power distribution 29
Power insurance market value, growth and segmentation 30
Growth in the power insurance market has derived purely from renewable power insurance 30
Power insurance in four segments accounts for over 90% of the total power insurance market 32
The conventional power insurance market has been held back by falling premium rates… 32
… which have also put a partial brake on the expansion of renewable power insurance 32
Insurance bought to cover business interruption represents the largest segment by type of cover 33
Power insurance underwriter market shares 35
Conventional power insurance 35
Three underwriters vie for leadership in the conventional power insurance sector 35
Renewable power insurance 37
GCube is likely to occupy a dominant position in the renewable power insurance market… 37
Key brokers 39
… with Bruce Stevenson among the leading brokers in this field along with the leading international firms 39
Future outlook 39
Power generation 39
The power insurance market is expected to grow in nominal terms up to 2018 39
Power insurance 40
Growth in renewable power insurance will continue to prop up the overall power insurance market… 40
… albeit this sector is also characterised by a number of uncertainties 40

LIST OF GRAPHICS / TABLES

00 EXECUTIVE SUMMARY 1
Key market data for energy (oil and gas) and power insurance in the UK 2
10 INTRODUCTION 3
20 ENERGY (OIL AND GAS) INSURANCE 7
Oil production and imports in the UK, 2010 to 2014 7
Natural gas production and imports in the UK, 2010 to 2014 8
Oil and natural gas production (segmented between domestic consumption and exports) and imports in the UK, 2010 to 2014 (table) 9
Underlying oil and natural gas production and import infrastructure in the UK, 2010 to 2014 (table) 10
Energy (oil and gas) insurance premiums in the UK segmented between upstream, midstream and downstream, 2010 and 2014 12
Energy (oil and gas) insurance premiums in the UK segmented between upstream, midstream and downstream, 2010 and 2014 (table) 12
Energy (oil and gas) insurance premiums in the UK segmented by type of risk, 2014 14
Energy (oil and gas) insurance premiums in the UK cross-tabulated between upstream, midstream and downstream, and type of risk, 2014 15
Energy (oil and gas) insurance premiums in the UK cross-tabulated between upstream, midstream and downstream, and type of risk, 2014 (table) 16
Estimated market shares of upstream energy (oil and gas) insurance underwriters in the UK, 2014 17
Estimated market shares of upstream energy (oil and gas) insurance underwriters in the UK, 2014 (table) 18
Estimated market shares of midstream and downstream energy (oil and gas) insurance underwriters in the UK, 2014 19
Estimated market shares of midstream and downstream energy (oil and gas) insurance underwriters in the UK, 2014 (table) 20
Estimated market shares of total energy (oil and gas) insurance brokers in the UK, 2014 21
Estimated market shares of total energy (oil and gas) insurance brokers in the UK, 2014 (table) 21
Oil and natural gas production in the UK, 2018 (forecast) (low and high oil price scenarios) 23
Oil and natural gas production in the UK, 2018 (forecast) (low and high oil price scenarios) (table) 23
Energy (oil and gas) insurance premiums in the UK segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) 25
Energy (oil and gas) insurance premiums in the UK segmented between upstream, midstream and downstream, 2018 (forecast) (low and high oil price scenarios) (table) 26
30 POWER INSURANCE 27
Power generation in the UK segmented between conventional, renewable and other sources, 2010 to 2014 27
Power generation in the UK segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 28
Power generation in the UK segmented between conventional, renewable and other sources, 2010 to 2014 (detailed breakdown) (table) 29
Power insurance premiums in the UK segmented between conventional, renewable and other sources, 2010 and 2014 31
Power insurance premiums in the UK segmented between conventional, renewable and other sources, 2010 and 2014 (table) 31
Power insurance premiums in the UK segmented between conventional, renewable and other sources, 2014 (detailed breakdown) 32
Power insurance premiums in the UK segmented by type of risk, 2014 33
Power insurance premiums in the UK cross-tabulated between conventional, renewable and other sources and type of risk, 2014 34
Power insurance premiums in the UK cross-tabulated between conventional, renewable and other sources and type of risk, 2014 (table) 35
Estimated market shares of conventional power insurance underwriters in the UK, 2014 36
Estimated market shares of conventional power insurance underwriters in the UK, 2014 (table) 37
Estimated market shares of renewable power insurance underwriters in the UK, 2014 38
Estimated market shares of renewable power insurance underwriters in the UK, 2014 (table) 38
Power generation in the UK segmented between conventional, renewable and other sources, 2018 (forecast) 39
Power generation in the UK segmented between conventional, renewable and other sources, 2018 (forecast) (table) 40
Power insurance premiums in the UK segmented between conventional, renewable and other sources, 2018 (forecast) 41
Power insurance premiums in the UK segmented between conventional, renewable and other sources, 2018 (forecast) (table) 41

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