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Global Energy and Power Insurance: A Worldwide Review

  • September 2015
  • -
  • Finaccord
  • -
  • 417 pages

Global Energy and Power Insurance: A Worldwide Review is a report and market data file about the current and future outlook for the insurance of risks associated with the fast-evolving worldwide energy (oil and gas) and power sectors, with in-depth analysis of the following territories: Brazil; Canada; China; France; the GCC countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE); Germany; Japan; Nigeria; the UK; and the US.

In addition to showing how its value has changed since 2010, analysis of the global 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%), for each of the ten territories researched in detail.

Market value data spanning 2010 to 2014 (with a forecast to 2018) is also provided for the global 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 for each of the ten territories featuring detailed analysis.

Over and above this unique market data, the study also examines the market drivers for both energy and power insurance globally and in each territory (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 for the ten territories in which in-depth research was conducted, and considers how changes in the underlying energy and power sectors are likely to impact the associated insurance markets.

Table Of Contents

Global Energy and Power Insurance: A Worldwide Review
TABLE OF CONTENTS
00 EXECUTIVE SUMMARY 1
Global energy insurance premiums could rise to a value of as much as USD 1570 billion by 2018… 3
… albeit this would only occur in the event that there is a sharp increase in the price of oil 3
Potential growth in both shale and deepwater production creates new opportunities for underwriters 3
Insurance premiums for renewable power will continue to outgrow those for conventional power… 4
… with solar and wind power expected to advance most rapidly in future at a global level 4
Trends in conventional power insurance may differ between developed and developing economies 5
10 INTRODUCTION 6
What is this report about and what is its rationale? 6
Several factors underpin the rationale for producing global research about energy and power insurance… 6
… including its worldwide value of more than USD 235 billion in 2014… 6
… and the growth of hydraulic fracturing (fracking), deepwater drilling, solar power and wind power 6
Methodology 6
Research program 6
Sources 6
Definitions 7
Energy (oil and gas) insurance 7
The energy insurance market segments between the upstream, midstream and downstream sectors… 7
… and by several types of cover, including one specific to upstream insurance 7
Power insurance 8
Power insurance covers the conventional, renewable and other power sectors 8
Premiums 8
Abbreviations 8
Finaccord 9
20 GLOBAL OVERVIEW 10
Introduction 10
Energy (oil and gas) market background 10
Oil production and imports 10
Global oil production has grown at a steady rate in recent years… 10
… although has been outpaced slightly by global oil imports 10
Natural gas production and imports 14
Global natural gas imports have risen especially quickly in Brazil and China 14
Energy (oil and gas) insurance market value, growth and segmentation 18
The global energy insurance market is worth in excess of USD 14 billion in premiums… 18
… with the US by far the largest single territory within this worldwide total 18
At a global level, the upstream energy insurance segment has expanded most rapidly… 21
… as a consequence of rising exploration and production worldwide 21
The US and Canadian energy insurance markets are ranked first and second respectively in each segment 22
Premiums in developing markets are lower in relative terms for a variety of different reasons 22
The value of energy insurance relative to the market drivers varies greatly from territory to territory 24
Property and business interruption cover account for almost a half of worldwide energy insurance premiums 27
Property cover in the downstream energy insurance segment is the single most valuable element 27
Captive and mutual underwriters 29
Captive underwriters are dominant in the French and German energy insurance markets… 29
… but have negligible influence in China 29
Future outlook 31
Oil and natural gas production and imports 31

Worldwide oil production is predicted to lie between 934 million and 985 million barrels per day by 2018… 31
… with natural gas production in a range from 608 million boe/d to 620 million boe/d 35
As global trends, both shale oil and gas and deepwater production could expand in future years… 38
… which has significant implications for underwriters of energy insurance 38
However, a number of factors could put a brake on global development of oil and natural gas production 38
Energy (oil and gas) insurance 39
By 2018, worldwide energy insurance premiums could rise to a value of as much as USD 157 billion… 39
… with the most positive outlook predicted for Brazil, China and Nigeria… 39
… and with other emerging markets also likely to experience significant growth 39
Future projections for upstream energy insurance premiums vary most according to global oil prices… 41
… although nominal compound annual growth of 42% is possible under the most favourable scenario 41
Power market background 44
Power generation 44
China accounts for a rising proportion of global power generation 44
Worldwide, renewable power generation has comfortably outgrown conventional power generation 46
Brazil and Canada generate the highest proportion of their power from renewable sources… 48
… albeit the former country has experienced rapid growth in conventional power generation 49
Renewable power generation has been advancing most rapidly in the UK 52
Globally, solar and wind power generation have been expanding especially quickly… 54
… while nuclear power generation has declined 54
Power insurance market value, growth and segmentation 55
At a worldwide level, power insurance premiums amounted to USD 940 billion in 2014… 55
… with just over USD 3 billion of this figure due to the US alone 55
Growth in conventional power insurance premiums has been negligible… 57
… but that for renewable power insurance has been substantial 57
The market for conventional power insurance has been declining in several territories 59
The global market for renewable power insurance was worth close to USD 2 billion in 2014 60
The value of the market for wind power insurance is poised to overtake that for hydropower insurance 62
Power insurance premiums in China, the GCC countries and Brazil are low relative to power generation 64
Cover acquired for business interruption accounts for around 25% of the global power insurance market 65
Property cover in the conventional power insurance segment is the single most valuable element 67
Captive and mutual underwriters 69
Captive and mutual insurers are influential in the French and German power insurance markets… 69
… but have either no or negligible impact elsewhere 69
Future outlook 70
Power generation 70
Worldwide power generation will continue to expand through to 2018… 70
… with renewable power generation continuing to outpace conventional power generation… 72
… in both developed and developing economies… 72
… spurred in some cases by government subsidies 72
Global conventional power generation is expected to hit 20,000 TWh by 2018… 74
… with renewable power generation predicted to be approaching 7,000 TWh 75
Power insurance 77
Between 2014 and 2018, the global power insurance market should expand by a further USD 1 billion… 77
driven mainly by further impressive growth in the renewable segment 79
The outlook for conventional power insurance varies between developed and developing markets 81
Renewable power insurance premiums are forecast to rise especially quickly in China 83
30 BRAZIL 86
Energy (oil and gas) market and competitor background 86
Production, imports and associated infrastructure 86
Oil production and imports have recovered from the trough of 2012… 86
… while natural gas imports surged in 2013 and 2014 86
There are around 100 offshore rigs and platforms in Brazilian waters 88
The discovery of deepwater oil fields has shaped investment in Brazil's oil sector 89

The GASENE has linked Brazil's two main natural gas pipelines 89
Brazil plays host to an aging inventory of refineries 89
Competitive environment 90
The dominant position of Petrobras has sometimes limited opportunities for competing energy firms 90
Energy (oil and gas) insurance market value, growth and segmentation 90
Brazil's energy insurance market is likely to have expanded quite rapidly in recent years… 90
… with the proportion of the total market due to the upstream segment having risen significantly 90
Three types of insurance account for fairly similar shares of energy premiums… 92
… namely, business interruption, construction and property cover 92
Upstream construction insurance is likely to be the most valuable individual segment 92
Energy (oil and gas) insurance underwriter market shares 94
Upstream, midstream and downstream 94
ACE is comfortably the market leader in the Brazilian energy insurance market… 94
… followed by a mixture of indigenous and foreign underwriters 94
Key brokers in energy (oil and gas) insurance 96
The large international brokers are the most active energy insurance market competitors 96
Future outlook for energy (oil and gas) insurance 96
Oil and natural gas production 96
Energy (oil and gas) insurance 98
Growth in the value of the energy insurance market is likely to abate slightly between 2014 and 2018… 98
… for a number of reasons including exceptional factors concerning Petrobras 98
Power market and competitor background 101
Power generation 101
Renewable power dominates conventional power in Brazil… 101
… as a result of the importance of hydropower 101
… albeit this can be problematic at times of drought 102
Solar and wind energy remain in their infancy although biomass is quite significant… 103
… having expanded at a similar rate to the conventional power sources of gas and oil 103
Competitive environment 104
Electrobras accounts for around one third of power generation in Brazil 104
Other important power firms include Cemig, Cesp and COPEL 104
Power insurance market value, growth and segmentation 104
The value of total power insurance premiums is likely to have topped USD 250 million in 2014… 104
… with pricing understood to have been relatively stable for both conventional and renewable risks… 106
… albeit rising claims in the hydropower sector may have caused some underwriters to ensure losses 106
Over 20% of the market value may be due to cover bought for the risk of business interruption 107
Power insurance underwriter market shares 110
ACE's lead in the power insurance sector is probably narrower than it is for energy insurance… 110
… with a diverse range of underwriters competing in this market 110
Key brokers in power insurance 112
JLT is especially strong in reinsurance broking in the power market 112
Future outlook for power insurance 112
Power generation 112
Brazil is looking to reduce its dependence on hydropower… 112
… albeit new plants are coming into operation in the north of the country 112
Power insurance underwriters may be able to accommodate higher insured sums in future 114
40 CANADA 116
Energy (oil and gas) market and competitor background 116
Production, imports and associated infrastructure 116
Boosted by exports, Canadian oil production has increased rapidly in recent years… 116
Substantial investment is occurring in new pipeline and rail infrastructure 119
The construction of new refineries may be required in future 120
Low oil prices place a question mark over the future viability of tar sands production 120
Competitive environment 120
There are hundreds of firms involved in upstream, midstream and downstream operations 120
… albeit the midstream and downstream are less fragmented than the upstream 120
Energy (oil and gas) insurance market value, growth and segmentation 121
The Canadian energy insurance market has been growing steadily in both nominal and real terms 121
Property and business interruption cover together account for just under 55% of the total market value… 122
… with downstream property cover the largest single energy insurance segment overall 123
Many upstream assets are located in minimal risk exposure areas, thereby limiting premiums… 125
Energy (oil and gas) insurance underwriter market shares 126
Upstream insurance 126
The leading upstream underwriter controls between 15% and 23% of this segment… 126
Midstream and downstream insurance 128
AIG, Allianz and Zurich are likely to be the leaders in midstream and downstream insurance… 128
… with the presence of captives again comparatively modest 128
Energy (oil and gas) insurance broker market shares 130
A significant number of Canadian brokers possess expertise in the energy insurance market 130
Future outlook for energy (oil and gas) insurance 132
Oil and natural gas production 132
Under a low oil price scenario, future upstream and downstream development is likely to slow… 132
Energy (oil and gas) insurance 134
… albeit the energy insurance market value is likely to rise in nominal terms whatever the oil price trend 134
Market growth will not differ much between the upstream, midstream and downstream segments… 134
… even though investment is anticipated in midstream and downstream infrastructure 134
Power market and competitor background 137
Power generation 137
Renewable power has been growing at a slightly higher rate than conventional power… 137
… with hydropower the dominant power source overall 137
Canada's electricity market can be segmented into three main regional categories 138
By 2035, renewable power is projected to account for at least 65% of total power 138
Competitive environment 139
Canada has a diverse power market albeit hydropower-focused companies are dominant 139
Power insurance market value, growth and segmentation 140
Conventional power insurance has outgrown renewable power insurance in recent years… 140
…driven by increasing premiums for conventional power stations… 141
… while premium rates for renewable power insurance have tended to be flat 141
Unsurprisingly, hydropower insurance is the largest power insurance segment by power source 141
Property insurance is the most valuable segment within the total power insurance sector… 143
… although cover for business interruption is especially important within conventional power insurance 143
Power insurance underwriter market shares 145
Captive and mutual insurers are comparatively prominent in the Canadian power insurance market… 145
… which is otherwise led by Allianz and Zurich 145
Nuclear power risks are dealt with by the NIAC 145
Key brokers in power insurance 147
Future outlook for power insurance 147
Growth in renewable power generation is likely to accelerate up to 2018… 147
… causing a similar advance in the associated insurance market 149
50 CHINA 151
Energy (oil and gas) market and competitor background 151
Production, imports and associated infrastructure 151
China is the world's largest importer of oil… 151
… and is also a fairly significant producer of it 151
The number of both offshore and onshore rigs has risen but many are not actively drilling 154
The discovery of deep water oil fields has shaped investment in the oil sector in China 155
Production at China's largest onshore oil fields is likely to have peaked 155
Shale gas offers vast potential in China albeit many formations are relatively expensive to reach 155
Several long-distance pipeline links have been built or are under construction in China 156
The oil refining sector has undergone modernisation and consolidation in recent years 156
Competitive environment 156
CNPC and Sinopec together control China's upstream and downstream oil and natural gas markets 156
CNOOC is responsible for offshore oil exploration and production 156
Foreign oil companies participate mainly through production-sharing contracts and joint ventures 157
Gas distribution is largely controlled by city-specific and regional companies 157
Energy (oil and gas) insurance market value, growth and segmentation 157
The Chinese energy insurance market has experienced fairly rapid growth in recent years 157
Construction and property cover account for the majority of energy insurance premiums 159
Energy (oil and gas) insurance underwriter market shares 161
Upstream, midstream and downstream insurance 161
PICC is the dominant underwriter in China's energy insurance market… 161
… and captives are not yet used to a significant degree for domestic risks 161
Key brokers in energy (oil and gas) insurance 163
Kunlun Insurance Brokers and Jiang Tai Insurance Brokers are the most influential intermediaries… 163
… although there are other important competitors including Aon-COFCO, JLT, Marsh and Willis 163
Future outlook for energy (oil and gas) insurance 164
Oil and natural gas production 164
Energy (oil and gas) insurance 166
Growth in the value of the Chinese energy insurance market is likely to remain robust… 166
… with premiums forecast to exceed USD 500 million by 2018 166
Power market and competitor background 169
Power generation 169
Generation of renewable power has been growing at more than twice the rate of that of conventional power 169
Coal remains by far the most important power source in China 169
Generation of nuclear power is set to expand rapidly 170
Hydropower is by far the most developed renewable energy source… 171
… albeit wind power is becoming increasingly significant 171
China is committed to generating 20% of its power from non-fossil fuel sources by 2030 172
Competitive environment 172
Electricity generation and transmission is dominated by state-owned companies 172
China Huaneng Group operates more than 80 mainly coal-fired plants 172
China Guodian generates about 10% of its output from hydropower 173
Power insurance market value, growth and segmentation 173
The renewable power insurance market has been rising at a nominal compound annual rate of over 20% 173
…driven by the expansion of the underlying renewable power sector… 174
… albeit policy pricing is sometimes inefficient in both this sector and the conventional power market 175
Coal-fired stations are likely to account for more than 60% of the total power insurance market 175
A paucity of claims data has hindered pricing of risks in the wind power sector 175
Cover for business interruption accounts for close to 25% of the total Chinese power insurance market 176
Property insurance for conventional power is the most valuable segment of the total market 177
Power insurance underwriter market shares 179
Conventional power insurance 179
PICC is likely to underwrite between 40% and 50% of conventional power insurance premiums in China 179
CNIP (the Chinese Nuclear Insurance Pool) has direct underwriting capacity of close to USD 900 million 179
Renewable power insurance 181
Underwriting market shares in renewable power insurance are likely to be subject to more volatility 181
Key brokers in power insurance 182
Captive brokers play an important role in the Chinese power insurance market 182
Future outlook for power insurance 182
Power generation 182
Ambitious plans have been made to expand generation through diverse non-carbon sources 182
Power insurance 184
Growth in renewable power insurance will comfortably outpace that for conventional power cover 184
60 FRANCE 186
Energy (oil and gas) market and competitor background 186
Production, imports and associated infrastructure 186
Oil and natural gas imports vastly outweigh a very small amount of production 186
The number of refineries has fallen in recent years albeit pipeline mileage has increased 188
France is believed to host the largest shale oil and gas reserves in Europe 189
Competitive environment 189
Two TSOs operate France's gas transmission system 189
Alternative gas suppliers have made more headway in the industrial market than in the household sector 190
Energy (oil and gas) insurance market value, growth and segmentation 190
The French energy insurance market has declined sharply in both nominal and real terms… 190
… driven mainly by a fall in premiums in the sizeable downstream segment 190
Property and business interruption cover account for around 55% of all energy insurance premiums 192
Types of cover bought vary significantly across the downstream, midstream and upstream segments 192
Energy (oil and gas) insurance underwriter market shares 194
Upstream, midstream and downstream insurance 194
A very high proportion of the French energy insurance market is accounted for by captive underwriters… 194
… with AXA likely to be the largest open-market competitor in this sphere 194
Key brokers in energy (oil and gas) insurance 196
The main role of brokers is to advise risk managers and to manage captive insurance programs 196
Future outlook for energy (oil and gas) insurance 196
Oil and natural gas production 196
Energy (oil and gas) insurance 198
The value of the market is likely to contract further up to 2018 albeit at a slower rate 198
Power market and competitor background 200
Power generation 200
Renewable power generation has expanded in a market that is flat overall 200
Uniquely, nuclear energy is by far the most important source of power in France 200
although the government hopes to increase the share of renewables to close to one third by 2030 201
Hydropower is already a comparatively well-developed sector 202
Competitive environment 202
In spite of deregulation, EDF continues to dominate the electricity sector in France 202
Regulated tariffs are being abolished in 2015 in order to encourage more competition 203
Power insurance market value, growth and segmentation 203
Falling premium rates have brought about a diminution in the value of the power insurance market… 203
… with the conventional power insurance sector experiencing the steepest decline 204
Unsurprisingly, nuclear power insurance constitutes the largest individual market segment 205
Insurance for offshore wind energy is expected to offer substantial future growth potential 205
The French government has set up a risk insurance fund for the geothermal sector 205
Cover for property and business interruption are dominant within the total power insurance market… 206
… albeit there are some differences between the conventional and renewable segments 207
Power insurance underwriter market shares 209
Conventional power insurance 209
Captive underwriters hold a substantial share of the conventional power insurance sector… 209
Renewable power insurance 210
… but are much less prominent in the renewable power insurance market… 210
… in which a trio of non-indigenous insurers are likely to be the leaders 210
Key brokers in power insurance 212
Leading power insurance brokers include Diot, Filhet-Allard and Verspieren 212
Future outlook for power insurance 212
Power generation 212
Renewable power production will expand steadily while conventional power production slips back… 212
Power insurance 213
… with this dynamic also visible in the associated insurance markets 213
70 GCC COUNTRIES 216
Energy (oil and gas) market and competitor background 216
Production, imports and associated infrastructure 216
The GCC countries control a large share of the world's oil and gas reserves 216
Competitive environment 220
There are relatively few entities involved in the underlying energy market in the GCC countries… 220
and deepwater operations have not yet been established 220
Energy (oil and gas) insurance market value, growth and segmentation 220
Increasing capacity and declining rates have driven down the energy insurance market value in real terms 220
Insurance for upstream operations has grown the most rapidly in recent years… 222
… while downstream premiums have tended to stagnate 222
Property is comfortably ahead of business interruption as the largest risk segment 222
Cover for political risks and cyber attacks is growing in importance 223
Energy (oil and gas) insurance underwriter market shares 225
Upstream insurance 225
AIG and Lloyd's of London vie for leadership in the upstream energy insurance segment… 225
… albeit captive and mutual insurers account for a substantial proportion of total business 225
New competitors have introduced additional capacity in recent times 226
Midstream and downstream insurance 227
AIG is also strong in the midstream and downstream segments, this time with ADNIC as its main rival 227
Energy (oil and gas) insurance broker market shares 229
Aon and Marsh are likely to dominate energy insurance broking in the GCC countries 229
Future outlook for energy (oil and gas) insurance 231
Oil and natural gas production 231
Energy (oil and gas) insurance 233
in spite of significant investment activity across all parts of the energy value chain 233
Local insurance companies have struggled to compete with foreign ones in this arena 233
Power market and competitor background 236
Power generation 236
Virtually all power generated in the GCC countries comes from conventional sources… 236
… albeit plans are afoot for significant diversification of power sources 237
Competitive environment 238
The GCC countries host a largely undiversified power market headed by state-owned bodies 238
Power insurance market value, growth and segmentation 239
Power insurance premiums grew in both nominal and real terms between 2010 and 2014… 239
…driven by increasing output in the underlying power generation sector… 241
… and in spite of softening market conditions 241
Business interruption insurance edges ahead of property insurance as the most valuable segment 242
Power insurance underwriter market shares 245
Conventional power insurance 245
As many as five underwriters may hold a market share of premiums of 10% or more 245
Renewable power insurance 247
Key brokers in power insurance 247
Lockton and RFIB compete with Aon, Marsh and Willis in the power insurance market 247
Future outlook for power insurance
Power generation 247
Renewable power generation may have begun developing by 2018… 247
Power insurance 249
… which could help the power insurance market to grow quite significantly… 249
… albeit there will need to be clarity with regards to how risks are priced up 249
80 GERMANY 251
Energy (oil and gas) market and competitor background 251
Production, imports and associated infrastructure 251
Both oil and natural gas imports slipped back slightly between 2010 and 2014 251
The number of onshore rigs has risen steadily and there is only one offshore platform 253
The largest element of the German pipeline system is due to the gas distribution network 254
Competitive environment 254
International oil companies are the dominant competitors in the German refinery sector 254
Energy (oil and gas) insurance market value, growth and segmentation 255
The value of the small German energy insurance market has declined in recent years 255
… with the proportion of the total market due to the midstream segment having risen 255
Property and business interruption insurance account for the majority of premiums 257
Types of cover bought vary across the downstream, midstream and upstream segments 257
Energy (oil and gas) insurance underwriter market shares 259
Upstream, midstream and downstream insurance 259
Captive underwriters play a major role in the German energy insurance market… 259
… with the largest non-captive insurer unlikely to hold a market share of much more than 10% 259
Key brokers in energy (oil and gas) insurance 261
The main role of brokers is to advise risk managers and to manage captive insurance programs 261
Future outlook for energy (oil and gas) insurance 261
Oil and natural gas production 261
Energy (oil and gas) insurance 263
Germany's small energy insurance market is unlikely to deliver any growth up to 2018 263
Power market and competitor background 265
Power generation 265
Renewable power generation in Germany increased by more than 50% between 2010 and 2015… 265
… albeit coal remains the most important source of power 265
Renewables are projected to account for at least 35% of total gross electricity consumption by 2020 266
Competitive environment 267
Germany has a diverse power market although four companies dominate 267
Power insurance market value, growth and segmentation 268
The value of the German power insurance market declined between 2010 and 2014… 268
… in spite of a sharp rise in premiums in the renewable power sector 269
Buyers of onshore wind energy insurance are benefitting from high levels of capacity 269
Business interruption insurance is the most important cover type for conventional power stations… 270
… although property insurance accounts for around a half of premiums in the renewable power sector 271
Power insurance underwriter market shares 273
Conventional power insurance 273
Captive underwriters play a notable role in the insurance of conventional power plants… 273
Renewable power insurance 275
… but are much less prominent in the fast-growing market for renewable power insurance 275
… in which Gothaer is likely to have established itself as the leading underwriter 275
Key brokers in power insurance 277
Distribution systems for renewable power cover are more diverse than those for conventional power 277
Future outlook for power insurance 277
Power generation 277
Power production in Germany will edge up between 2014 and 2018 277
Power insurance 278
Growth in the power insurance market will be wholly due to the renewable power sector 278
90 JAPAN 281
Energy (oil and gas) market and competitor background 281
Production, imports and associated infrastructure 281
Natural gas imports have grown somewhat faster than oil imports in recent years 281
LNG imports are important to the Japanese energy sector 283
Separate, non-integrated pipelines still constitute a large portion of the transport system 284
The number of refineries has been falling in line with declining demand for oil 284
Competitive environment 284
Japex is the country's largest domestic upstream producer… 284
while JX Nippon Oil and Energy is its dominant refiner 285
Energy (oil and gas) insurance market value, growth and segmentation 285
Almost 90% of the Japanese energy insurance market is due to the downstream segment 285
On a combined basis, property and business interruption cover account for over two thirds of premiums 286
Energy (oil and gas) insurance underwriter market shares 289
Upstream, midstream and downstream insurance 289
Captive underwriters are likely to claim a relatively high share of the Japanese energy insurance market… 289
… with Tokio Marine the leading open market competitor 289
Key brokers in energy (oil and gas) insurance 291
Multi-tied insurance agencies are more influential than brokers as distributors 291
Future outlook for energy (oil and gas) insurance 291
Oil and natural gas production 291
Energy (oil and gas) insurance 293
The value of the energy insurance market is likely to have retreated further by 2018 293
Power market and competitor background 295
Power generation 295
There has been some growth in renewable power generation but the market has declined overall… 295
The collapse in nuclear power has brought about an upturn for other conventional power sources 295
A resumption in the production of nuclear energy is likely to be subject to delays 296
Substantial investments in renewable power have produced mixed results 297
Japan's national electricity grid is hindered by an east-west divide using different frequencies 298
Competitive environment 298
Ten regional power utilities largely control the market for electricity distribution in Japan 298
The Japanese government took a majority equity stake in TEPCO in 2012 298
Power insurance market value, growth and segmentation 299
The small market for renewable power insurance expanded quite rapidly up to 2014 299
Gas-fired power stations accounted for the highest proportion of power insurance premiums in 2014 300
Underwriters have been hesitant about providing cover for some offshore wind and solar power risks 301
By type of cover, property insurance is the most valuable segment of Japan's power insurance market 302
Power insurance underwriter market shares 304
Conventional power insurance 304
Conventional power risks are mainly insured in the open market… 304
… and non-indigenous underwriters have made some progress in this arena 304
Renewable power insurance 306
Tokio Marine is likely to be the clear market leader for renewable energy insurance in Japan 306
Key brokers in power insurance 307
Marsh and Toyotsu have strengths in distinct segments of the renewable power insurance sector 307
Future outlook for power insurance 307
Power generation 307
At the overall level, Japanese power generation will remain stable up to 2018… 307

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