Energy
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Former renewables head Hamish Roberts has moved to work as growth leader for the broker in the UK and Ireland. -
The broker warned that more insurers will restrict or drop oil and gas business in the coming years.
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The hail which hit Texas in early summer 2022 alone resulted in solar losses estimated to exceed $300mn.
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The carrier will no longer invest or insure contracts and projects directly relating to new oil and gas fields, new midstream oil infrastructure and new oil-fired power plants.
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Loss activity is escalating in the class of business, leading underwriters to question rate softening.
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The carrier said geopolitical factors had given “new urgency” to the green transition.
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The broker said the fallout from the Russia-Ukraine conflict was increasing competition for business.
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The hydrogen industry is a key pillar of the energy transition, but securing insurance coverage is challenging.
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The managing director is the latest in a series of hires at WTW’s natural resources division.
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The loss comes hard on the heels of a large BI claim stemming from the Freeport LNG refinery.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Regulatory burdens mean that restarting the Freeport refinery could take longer than first hoped.
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