LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global property insurance market in the oil and gas industry report until 2020. This research report also lists 13 other prominent vendors that are expected to impact the market during the forecast period.
The global property insurance market in the oil and gas industry was valued at USD 14.171 billion in the year 2015 and is expected to grow at a CAGR of over 3% during the forecast period.
According to Thanikachalam Chandrasekaran, a lead oil and gas research analyst at Technavio, “The global property insurance in the oil and gas market is reliant upon the state of the global oil and gas market. It also depends on the broader insurance market cycle. The recent retreat in the global crude oil and associated energy prices is expected to have a significant effect on the course followed by the market over the forecast period.”
Competitive vendor landscape
The broader global property insurance market is centuries old and has seen several products being introduced in the market. The introduction of property insurance in the oil and gas domain was more a necessity than anything else. The highly hazardous nature and high value of the property being at risk in the oil and gas industry makes property insurance an indispensable requirement in the current scenario.
At present, the property insurance policy offerings in the market cover almost all the aspects of the oil and gas process cycle. There are policy offerings that cover everything from the upstream drilling operations, through the midstream pipeline operations, and finally to the downstream refining operations. The insurance companies have invested significantly in the resources to improve their understanding and mitigating the risks associated with the oil and gas operations.
The current generation of the insurance providers and brokers in the oil and gas domain are focusing more on improving their engineering services. Besides, they are also improving on handling the issues that pertain to business interruption claims.
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Top five property insurance market vendors in the oil and gas sector
American International Group
The American International Group (AIG), is an American multinational insurance company that has more than 88 million customers spread across 130 countries. The corporate employs almost 64,000 people in more than 90 countries. The company's business operations are divided across three business divisions:
- AIG Property Casualty
- AIG Life and Retirement
- United Guaranty Corporation (UGC)
Allianz is one of the largest European financial services company. The company operations are based around the core businesses that are insurance and asset management. As of 2014, Allianz was considered as the largest insurance and also the largest financial services group.
Allianz operates in the property insurance domain, including the oil and gas industries, through Allianz Global Corporate & Specialty (AGCS). AGCS can be considered as Allianz Group's dedicated carrier for the corporate and specialty insurance business requirements.
The Willis Oil, Gas, and Chemicals team comprises over 190 experts including transactional, technical, claims, wording and engineering specialists operating all over the world. They provide a complete array of risk management, risk transfer, and in-house claims services. These are built around a deep understanding of every aspect of the property insurance industry.
Marsh can be considered as a global leader in insurance broking and risk management. The company works with various clients in order to better define, design, and deliver innovative solutions that help better quantify and manage risk.
In the oil and gas business, Marsh helps the customers by provision of products and services based on the following bases: engineering, construction, and claims.
In the property insurance in the oil and gas domain, Aon provides service through its expertise spreading across the following sectors:
- Upstream (exploration and production)
- Major integrated oil companies (IOC) and national oil companies (NOC)
- Midstream (pipelines/terminals/liquefied natural gas)
- Contractors (drilling/service)
- Downstream (refining/petrochemical)
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