It was noted during the presentation that the oil and gas insurance market has experienced significant changes in the past year, with increased regulatory challenges and environmental concerns continuing to shape the investment landscape.
Upstream trends have shown an increase in offshore property ratings while declared values continue to rise. According to Genders, this has had a negative effect on rating, with growth credits becoming integral to renewal discussions. Meanwhile, onshore properties are still assessed with caution.
Cyber security risks pose a challenge to Angola’s oil and gas industry, as insurers continue to adapt policies to ensure robust measures are put in place to protect their digital assets and data. Meanwhile, he noted that the sector has also witnessed a heightened focus on climate-related risks and stricter regulations on carbon emissions.
He pointed out that disruptions in the global supply chain of oil and gas have exposed vulnerabilities in the industry as companies continue to invest in loss control measures. Genders further stated that enhanced safety protocols and asset monitoring are becoming more common in the industry in an effort to mitigate against these measures.
He concluded that tech-driven analytics continue to enhance efficiency and accuracy in the insurance sector, however, companies need to continue to address emerging risks and collaborate with insurers on effective coverage.
This insightful session took place during the second day of the AOG 2023 conference and exhibition, organized by Energy Capital & Power, which took place on 14 September in Angola’s capital city of Luanda.