Energy Industry Group Contacts
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Understand, collaborate & continuously innovate
Our Energy Industry Group focuses intensely on the current and future needs of businesses in this sector. We direct our research and insight capabilities to understand their challenges and opportunities and we’ll partner with our clients and brokers to create tailored and distinctive value propositions. Meanwhile we will continuously enhance our products and services especially around emerging exposures. All this is underpinned by our long-term industry commitment: to understand, to collaborate and to continuously innovate.
We cover the full energy industry spectrum from upstream exploration and production to downstream petrochemical processing and refining, including all aspects of utilities and power generation. Whether during construction, the operational phase or decommissioning, AIG can provide both first and third party solutions.
We have substantial underwriting, claims and engineering expertise in all areas of the energy industry, which we coordinate to deliver bespoke and multi-line risk solutions to our clients. We can build these solutions around clients’ core businesses and fringe exposures – whether for small contractors, owner / operators or global, vertically integrated oil and gas multinationals.
AIG is a one stop shop for energy industry insurance, (upstream, midstream, downstream, power generation including renewables) with market-leading capacity such as $150m for energy casualty, $300m for upstream and $1.25bn for downstream and power. We cover the latest technologies as well as emerging risks, such as cyber and decommissioning, and are at the forefront of new product development.
We provide energy clients with valuable industry networking opportunities. For instance, we host a series of energy round tables throughout the year, often for clients of shared interest around key issues (such as decommissioning or cyber exposures) and we know how beneficial many clients have found these occasions for information exchange.
The AIG Global Network of strong local AIG offices and top tier local insurance partners, spans over 200 countries and jurisdictions. This means we can issue our energy clients’ policies, settle their claims and deliver consistent, seamless service wherever in the world our energy clients might be, even in the remotest, hydrocarbon-rich areas.
In the event of a major claim, AIG will confirm coverage under the policy as quickly as reasonably possible. Once coverage is confirmed, we promise to provide the Policyholder with immediate working funds of 50% of our share of the agreed estimate within 7 days for the following:
(i) property damage/repairs
(ii) clean-up costs
(iii) extra expense/increased cost of working
The estimate is to be agreed between the Policyholder/ broker and the AIG claims handler, based upon reasonably available information. This payment is made on an unallocated basis.
Many of our loss control engineers come from the energy industry and we deliver expert risk assessment, benchmarking and loss prevention services on clients’ sites worldwide. With our extensive data modelling capabilities we can also assess and visualise clients’ natural catastrophe exposures worldwide to help better understanding and management of their exposures long term.
Our workshops have been a great success with clients worldwide. They typically include analysis of clients’ operations and their vulnerability to particular perils, mock loss scenarios and claims response in different parts of the clients’ operation, thus introducing claims individuals to the client, identifying key experts in advance and providing policy wording analysis.
Cyber exposures are an emerging concern for companies in the energy sector. We have outstanding cyber capabilities (cyber insurance and specialist cypher risk management services) and our health checks - analysing clients’ cyber vulnerabilities (including potential property damage and business interruption contingencies) - have proved especially useful to energy clients.
This interactive booklet outlines just some of the capabilities delivered by our Energy industry group comprised of experts drawn from claims, underwriting and distribution throughout our organisation. Please feel free to download it as a pdf and share with colleagues or clients.
Our industry groups direct our research and insights capabilities to help us better understand each sector’s current and emerging needs. Here is a brief summary of some of the initial issues raised by energy companies and their brokers during in depth interviews carried out in April 2017 that we will be exploring further in our ongoing research programme.
Energy clients and their brokers agree that insurers need to play a more active role in protecting energy companies from cyber attacks and the resulting business interruption. They feel that cyber protection and business interruption risk solutions are strongly interconnected.
Respondents told us they expect insurers to provide holistic insurance for the energy industry, but such a solution would only be valuable if delivered to the highest standard and offering better value for money in comparison to individual covers.
Having a specialist claims team with expertise and knowledge of the energy industry is a cornerstone of good claims experience according to energy companies and their brokers. They expect not just a team of experienced claims adjustors, but also a personalised approach and a clear claims protocol.
Energy companies said they would welcome risk advisory services from insurers, but it’s essential that those services form part of a strong relationship, and are not transactional. Companies expect the insurer to demonstrate empathy, engage with them in a consistent way and to make them feel valued.