It might be great news for motorists and many big manufacturers, but what’s the falling oil price doing to the energy insurance market? In our latest issue of Hiscox Global Insight we ask just that.
For oil exploration and production businesses, and the businesses that support them, the plunging oil price is a real problem – resulting in budget cuts, redundancies and bankruptcies. It’s also a challenging situation for the energy insurance market that has to deal with the potential increase in liability claims that can be a feature in a downturn as well as the reduction in premiums as some exposures reduce.
Read the full article here, where you’ll hear my thoughts on it as well as those of Reed Wykes, Risk Manager at Hillcorp, one of the largest US privately held oil and gas exploration and production companies.