January 2021

Columns

Risk: Escaping the “cyclone market” in downstream energy

To say that the downstream energy sector is facing a time of unprecedented challenge would be the understatement of the decade.

Puro, D. H., ProSight

To say that the downstream energy sector is facing a time of unprecedented challenge would be the understatement of the decade. What began with a market shift coupled with the oil and gas crisis has morphed into a pandemic-driven economic standstill with fewer planes flying, fewer cars driving and overall energy consumption plummeting. As if those issues were not enough of a concern for the industry, refining and petrochemicals are feeling the squeeze from insurance companies, which—facing their own challenges—are beginning to offer less capacity (coverage limits) while increasing rates on the coverage they do offer, and perhaps even reducing the breadth of coverage. We call this a “hardeni

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