2024 Oil and Gas Insurance State of the Market Update

2024 Oil and Gas Insurance State of the Market Update

In 2023, energy security and affordability, macroeconomic trends, and shifting policies and regulations – the pillars of a balanced energy equation – were all in a state of significant flux. Though the oil and gas industry is no stranger to disrupters, this unique confluence of shifting variables ushered in both challenges and opportunities for players in this space. And in 2024, these forces continue to shape the industry’s landscape. In order to capitalize on opportunities for growth, oil and gas companies need to protect their operations, investments, and assets with the proper insurance coverage and risk management strategies.

Just as the energy industry continues to adapt to the unknown, so too does the insurance market, with rates changing and capacity shifting in response to loss patterns. However, maintaining proactive communication with underwriters and providing evidence of claims resiliency will render improved results. Partnering with an advisor who has expertise in both the oil and gas industry and the overlay of coverages that protect energy companies can help businesses approach the insurance market, allowing them to obtain the best available outcomes.

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