Energy insurance market continues to soften

An international reinsurance consultancy, Willis Energy, predicts there will be a softening of the market in the rest of 2013

Too much capacity chasing an insufficient amount of premium in both the downstream and upstream energy markets will cause a general softening of the energy reinsurance market in the remainder of 2013, according to Willis Energy, an international reinsurance consultancy. According to Willis Energy's latest Energy Market Review: "With tough premium income targets to meet, pressures on underwriter participation 'signings' have increased, with virtually all the major insurers intent on one objective - to maintain, and if possible enhance, their overall premium income from this class. "In the absence of further major losses, these pressures will continue to force insurers to compete more vigorous