ENERGY REINSURANCE SERVICE

From gas to electric, windmills to solar panels, the energy industry keeps our world moving. The development of on-shore and off-shore oil and gas infrastructure is a major thrust area for both public and private sector companies, to meet the surging demand. The push towards manufacturing requires steady investments in commercial power generation, without which the sector may not be able to fully capitalize on growth opportunities.

Even though the search for non-polluting energy sources is intensifying, fossil fuels are likely to be widely used in industrial and commercial applications for the foreseeable future. Different forms of power generation have different risks depending on the climate and geographical location of the power generation plant. Types of energy sources such as solar, wind, and hydroelectric constitute energy for the nation, but possess their own risks that can decrease production rates. Nuclear, natural gas, and coal are responsible for generating a significant amount of the nation’s energy, but come with a list of defined risks regarding production. New forms of energy generation technology bring new risks for the insurance industry to insure.

Natural disasters, terrorist and cyber-attacks, and water related issues including droughts and flooding, are constantly changing risks causing the insurance industry to adapt to infrequent yet potentially catastrophic events. Insurance can be an important risk mitigation strategy for power generation Energy companies need to make sure that the equipment, employees and vehicles that help power our communities don’t short circuit. Energy Insurance enables these companies to manage risks and allows them to become resilient in terms of the financial impact of accidents. When risks are brought under control, aggressive expansion through the adoption of state of the art technology becomes simpler .