Skip to main content
main content, press tab to continue
Article

Energy Market Review 2023

Surviving the storm: optimum risk management strategies for a volatile world

By Robin Somerville | April 4, 2023

The 2023 Energy Market Review focuses on how energy companies can optimise their risk management programmes in a volatile world.
Climate|Medioambiental|ESG and Sustainability
Climate Risk and Resilience|Geopolitical Risk|Ukraine war

Since our last EMR Update in November 2022, the energy insurance markets have experienced a very turbulent reinsurance treaty renewal season, a continuing fallout from the Russia-Ukraine conflict, more inflationary pressures around the world and yet more volatility in the prices of oil and gas. The energy industry focus seems to have shifted from the long-term acceleration of the energy transition towards a more short-term goal of maintaining energy supply.

Our theme this year is: “Surviving the storm: Optimum risk management strategies for a volatile world”. As global economic stability continues to be threatened by the international situation, and as energy insurance market pricing continues to harden for almost all customers, how best should energy companies optimise their risk management programmes, given the pressures that are currently bearing down on them?

Our Review contains an analysis of global energy activity in 2023 and where we can expect the industry’s direction of travel to develop as the year progresses. This analysis suggests that energy activity in both the upstream and downstream arenas is likely to increase in the immediate future – good news for the industry and maybe good news for insurers as well, as it brings with it the prospect of welcome additional premium income.

Our 2023 Energy Market Review includes commentary in areas such as optimising risk strategies, reviewing insured values, supply chain risk and building competence barriers, as well as providing in depth insights into the global upstream, downstream, liability, construction and terrorism/political violence insurance markets.

Download the full Review
Title File Type File Size
Energy Market Review 2023 PDF 11.7 MB

Featured articles from the Review

  1. 01

    A look into the future: beyond “peak oil”?

    In this article we consider the market's renewed focus on maintaining energy supply.

  2. 02

    Reviewing insured values: how to maximize return on capital

    In this article we look at how statement of values can drive optimal business, insurance, and risk management decisions for energy companies.

  3. 03

    Global upstream: an uncertain outlook as reinsurance costs bite

    In this article we focus on the global upstream insurance market in 2023.

  4. 04

    Global downstream: hardening re-intensifies – for now

    In this article we focus on the global downstream insurance market in 2023.

  5. 05

    International liability: myth or logic?

    In this article we look at how the liability market has fared and where it is heading.

  6. 06

    US casualty: capacity stable but concerns remain

    In this article we focus on the US casualty insurance market.

Disclaimer

WTW offers insurance-related services through its appropriately licensed and authorised companies in each country in which WTW operates. For further authorisation and regulatory details about our WTW legal entities, operating in your country, please refer to our WTW website. It is a regulatory requirement for us to consider our local licensing requirements.

Author

Business Development Director,
Natural Resources

Contact

Alex Forand
U.S. Head of Power and Utility Broking, Natural Resources

Contact us