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Energy Market Review 2020

Risk & Analytics|Climate

By Robin Somerville | May 6, 2020

Our Energy Market Review 2020 is produced by our Natural Resources team in London, with contributions from colleagues all over the world.

It has been published at a time when the full impact of COVID-19 is now being felt across the entire globe and as we collectively come to terms with its full magnitude. To cap it all, the energy industry is already reeling from an oil price war which we very much hope will be short term in nature.

There is now a sharper focus on environmental threats over the next ten years, and energy industry leaders know it.

However, there is one issue that is here to stay on a permanent basis and that is climate change, and the transformed risk landscape that now confronts the energy industry. It’s our theme for this year, because regardless of individual views on the subject of climate change, the risks to your organisation that it brings could not be more significant, both now and in the future. We have therefore dedicated the first part of the review to the issue of Environmental Social Governance (ESG) and the risk management implications for the energy industry. There is now a sharper focus on environmental threats over the next ten years, and energy industry leaders know it.

Our review is then further split into three broad areas:

  • ESG risk management implications for the energy industry
    What does the rise of ESG mean for industry stakeholders? Is ESG just “Lady Luck” for climate change? What is the science for climate change telling us? And how is this effecting the risk landscape in the energy industry? What strategies can risk managers use to enhance their response to ESG?
  • Risk management issues
    How can we use the latest analytical methods to optimise risk management strategies? How do we deal with Newton’s Third Law in managing geopolitical risk? Are drones dangerous or beneficial? And why are accurate valuations critical for energy risk managers?
  • The energy insurance markets in 2020
    The hardening insurance market is developing at a different pace within the various energy insurance markets. In this section, we discuss the reasons for this and conduct a full analysis of the Upstream, Downstream, Liability, Construction and Political Risks markets, as well as featuring interviews with two of the London market’s most respected underwriting figures.

You can access the Energy Market webinar here.


Willis Towers Watson hopes you found the general information provided in this publication informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In the United States, Willis Towers Watson offers insurance products through licensed subsidiaries of Willis North America Inc., including Willis Towers Watson Northeast, Inc. and Willis Towers Watson Insurance Services West, Inc.

Online Document

Energy Market Review 2020

You can read the full document online from here.



Business Development Director for Willis Towers Watson Natural Resources

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