The 2024 Energy Market Review examines the current state of the
global upstream, downstream, international liability and North
American casualty energy markets.
Welcome to the first Energy Market Review of 2024. In a period
of geopolitical and economic instability, it appears that the
energy insurance market is ready to provide us all with some
much-needed stability and certainty with the balance of power once
again shifting in buyers' favour. However, when we delve deeper
into the range of factors driving the energy market conditions, we
realize that the market really is a story of two halves, with a
widening desirability gulf emerging.
Relatively benign loss activity across all of the energy sectors
in 2023 sees markets return to profitability once again. However,
the positive headline numbers belie the true impact of the 2023
reinsurance renewals, which saw treaty deductible increases for
many insurers. In real terms, this has resulted in carriers taking
more
