Amidst the activities of the Angola Oil & Gas (AOG) 2023 conference and exhibition in Luanda, a specialized session brought to light emerging trends and challenges in the oil and gas insurance sector. Neil Genders, Director of Natural Resources at global consulting firm Aon, presented the findings during this informative session on the conference’s second day.
Over the past year, the oil and gas insurance market has undergone substantial shifts, influenced by regulatory intricacies and growing environmental apprehensions. These factors are significantly reshaping the industry’s investment dynamics. Genders highlighted a noticeable uptick in offshore property ratings as declared values steadily climb. This trend, however, has impacted ratings adversely, placing growth credits at the forefront of renewal negotiations. Contrastingly, evaluations of onshore properties continue to be approached with prudence.
A pivotal point in Genders’ discourse centered around cyber security threats facing Angola’s oil and gas sector. As digital threats intensify, insurance firms are recalibrating their policies to offer comprehensive protection for their digital infrastructure and sensitive data. Furthermore, there’s an amplified emphasis on addressing climate-centric risks and adhering to stringent carbon emission guidelines.
The recent disruptions in the worldwide supply chain for oil and gas underline the industry’s weak points. To counteract these vulnerabilities, Genders emphasized the escalating investments by companies in preventative loss control initiatives. Additionally, the sector is increasingly leaning towards adopting advanced safety standards and rigorous asset surveillance to counter potential threats.
Tech-enabled analytics are revolutionizing the insurance domain, enhancing both precision and operational efficiency. Genders advocated for businesses to remain proactive, pinpointing and addressing nascent risks while forging collaborative strategies with insurers to ensure optimal coverage.
These illuminating revelations were part of the broader AOG 2023 agenda, an event orchestrated by Energy Capital & Power, held on 14 September in Angola’s bustling capital, Luanda.
