adjusting to change
Welcome to this year’s Energy Market Review. Change is constant, so they say, but this year is proving the old cliché true in a myriad of different ways. As we move further into 2019, we are seeing energy industry insurance buyers, risk intermediaries and insurers having to face up to significant changes in our different business environments. How they adjust to these changes may be critical to their future prosperity in the years ahead. So what adjustments to change are we highlighting specifically in this year’s Energy Market Review? We’ve split this year’s edition into three areas:
From an insurance market standpoint, the key findings of our Review are as follows:
Our message to the energy industry is clear. We have to adjust the ways in which the industry’s risks are identified, collated and presented to insurers, in an era where “Big Data” is king. We have to adjust to develop revised strategic risk partnerships with key stakeholders so that the volatility inherent in our insurance markets is mitigated. And we have to be relentless in our pursuit of fresh ideas that produce valuable new products and services for the energy industry.
Graham Knight is Head of Natural Resources GB, Willis Towers Watson.