The report forecasts the global property insurance in oil and gas market to grow at a CAGR of 3.349% during the period 2016-2020.
In the property insurance domain, oil and gas or otherwise, the rise in the number of business interruption claims is one of the most evident trends that has emerged over the last few years. This particular claim type is seeing an increased share in the overall loss. In the oil and gas domain, the energy players are purchasing an increasing number of BI (business interruption) covers as refining and processing margins maintain their healthy levels in the US.
According to the report, enforcement of strict regulations will be a key driver for market growth. One of the inherent characteristics of the insurance market pertains to the immediate use of the policy and the premiums. In the oil and gas industry, the sum insured and the related premium are pretty high. The high levels of risks associated with the operations also add to the increase in the premiums paid for covers. As the insurance premiums rise in any particular year, it has an effect on the profit margins of the vendors. This reason has forced, over the years, many smaller oil and gas companies to forego the insurance cover costs.
Further, the report states that one of the challenges for the market will be complexities associated with evolving technology.
- American International Group
- Willis-Tower Watsons
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by sector
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/tlb8fl/global_property
Research and Markets
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-property-insurance-market-in-the-oil-and-gas-sector-to-grow-3-by-2020---enforcement-of-strict-regulations-to-drive-growth---research-and-markets-300350772.html
SOURCE Research and Markets