Casualty Insurance for Oil and Gas Sector Market Scope
The increasing demand drives oil and gas companies to look for additional reserves in more technically challenging and remote areas, which further increases investment and risk. In today's increasingly litigious world, the oil and gas sector faces a greater risk of being held liable for accidents and events that cause injury to third parties. From upstream to downstream, there are several potential risks may involve for the third parties. Therefore, casualty insurance in the oil and gas sector plays a vital role in order to protect the businesses and employees. Casualty insurance is a broad category, which is mostly comprised of liability coverages. It is the liability half of property/casualty insurance. Casualty insurance covers settlements or damages an insured is obligated to pay because of an accident that injured a third party. Casualty insurance for oil and gas offers coverage such as workers' compensation, automobile liability, general liability, and excess and umbrella liability.
The market study is being classified, by Application (Upstream, Midstream and Downstream) and major geographies with country level break-up. According to AMA, the Global Casualty Insurance for Oil and Gas Sector market is expected to see growth rate of 3.86% and may see market size of USD3146.0 Million by 2025.
The market is highly competitive due to the presence of several prominent vendors. Some of the leading companies are adopting some organic and inorganic strategies such as a merger, acquisition, and partnerships, among others in order to gain leading share within the market. Moreover, some of the key vendors have adopted the use of AI, blockchain, sensor, and cloud technology to simplify distribution and streamline operations.The Manufacturers having a strong hold in the market are Allianz, Berkshire Hathaway, American International Group. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Casualty Insurance for Oil and Gas Sector market throughout the predicted period.
Zurich Insurance Group Ltd. (Switzerland), American International Group, Inc. (United States), Chubb Limited (United States), Arch Capital Group Ltd (Bermuda), InSource Insurance Group, LLC (United States), Hartford Fire Insurance Company (United States), Starr International Company, Inc. (United States), James River Insurance Company (United States), Berkshire Hathaway Specialty Insurance (United States) and Everest Re Group, Ltd. (Bermuda) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Oil Casualty Insurance, Ltd (Bermuda), Eydent Insurance Services LLC. (United States) and Ironshore Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Casualty Insurance for Oil and Gas Sector market by Type, Application and Region.
On the basis of geography, the market of Casualty Insurance for Oil and Gas Sector has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
On 5 Sept. 2019, American International Group, Inc. announced that as of January 2020 virtually all of its commercial property and casualty insurance policies would begin affirmatively covering or excluding physical and non-physical cyber exposures, addressing market concerns that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber coverage.
- The Growing Use of Blockchain in Casualty Insurance Sector
- Increasing Usage of Artificial Intelligence (AI), Sensor Technology and the Cloud Technology
- The Rising Risk in the Oil & Gas Sector Due to Search of New Source
- The Growing Numbers of Accidents in the Oil & Gas Sector
- The Rising Regulatory Pressure
- The Emerging Demand for Casualty Coverage among the Developing Countries Oil & Gas Sector
- Declining Oil & Gas Sector Due to Shortage of Current Oil & Gas Resources
- The Profit Margins are Generally Quite Thin
- A Highly Competitive Market Environment
Key Target AudienceCasualty Insurance Key Companies, Oil & Gas Companies, Oil & Gas Contractors, Regulatory & Government Bodies, Potential Investors, End Users and Others
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