Summing up the insurance market for upstream and downstreamenergy risks, a Willis report says a “fragile stability” isprevailing where pricing is flat to slightly up. But Willis saysfactors such as overall market-hardening and the ongoing Eurocrisis could create a more challenging market for buyers.
For the upstream energy market, which involves exploration andproduction, Willis says modest rate increases are the norm.Capacity in the upstream market has increased to a new recordlevel: Overall levels, says Willis, are nearing the $5 billionmark.
“In practical terms, we can now say that for the most attractivebusiness requiring the maximum capacity that the market can offer,program limits of $4 billion for operating business and $3.6billion for offshore construction business are now achievable—at arealistic price,” the report says.
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