Property and Casualty Insurance in Oil & Gas Sector Market Scope
Insurance of property means insurance of buildings, machinery, stocks, and other areas against fire and allied perils, burglary risks, explosion, physical damage on properties, storms, floods, and so on. In the oil & gas industry, property insurance covers human life, the environment, and property from any accidents related to oil & gas organization activities. The oil & gas industry consists of series of procedures, chemical reactions, and harsh and difficult working conditions which tend to increase the risk to cost-intensive property, human life, and the environment. Thus, the industry requires to be insured to cover a certain proportion of the liability in case of any accidents. Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft. Property insurance can include personal insurance, renters insurance, flood insurance, and earthquake insurance. The insurance business is in a good position to help speed up the transition from fossil fuels to renewable energy sources. The oil and gas insurance industry are extremely consolidated, with the top ten carriers accounting for more than 70% of the market. Rates have risen in recent years, and most insurers have been more hesitant about providing coverage in the sector. Even a few major insurers taking action in this context will send a powerful signal to the oil and gas industry.
The Property and Casualty Insurance in Oil & Gas Sector market study is segmented by Type (Property Insurance and Casualty Insurance), by Application (Upstream, Midstream and Downstream Sector) and major geographies with country level break-up.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Property and Casualty Insurance in Oil & Gas Sector market throughout the predicted period.
AXA SA (France), Chubb (Switzerland), Tokio Marine HCC (United States), Liberty Mutual Insurance Company (United States), Allianz (Germany), American International Group, Inc. (United States), Berkshire Hathaway, Inc (United States), Intact Financial Corporation (Canada), The Travelers Indemnity Company (United States) and Cravens Warren Commercial Insurance (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Munich RE (Germany).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AMA Research has segmented the market of Global Property and Casualty Insurance in Oil & Gas Sector market by Type, Application and Region.
On the basis of geography, the market of Property and Casualty Insurance in Oil & 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). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In May 2021, Allianz has announced a tightening of its coal policy and new restrictions on its business with the oil sands industry, drawing praise from environmental groups. The insurer’s new coal policy tightens existing restrictions on coal insurance.
On April 2021, Chubb has released its annual Liability Limit Benchmark & Large Loss Profile report. The report highlights the frequency and severity of large loss data over the past decade, as well as the liability insurance limits for businesses across several industry sectors, including chemical, construction, consumer products, healthcare, life sciences, manufacturing, oil and gas, rail transportation, road transportation, real estate and hospitality, and utilities.
- Up Surging Demand For the New and Ongoing Projects
- Enhanced Oil and Gas Protection
- The Increasing Awareness Regarding The Insurance For Oil And Gas Industry in Developing Countries
- Increasing Adoption of Insurance in Oil and Gas Industry across the World
- Digital Access and Enhanced Claim Settlings
- The Increasing Cost Of Oil And Gas Insurance Claims
Key Target AudienceProperty and Casualty Insurance in Oil & Gas Sector Providers, Suppliers, Oil and Gas Industry, Government Regulatory Bodies, Private Research Organization, Government Research Organizations and Others