Published Date : Nov 07, 2016
ALBANY, NY, Nov 07, 2016: The report provides extensive reports of the property insurance market in the oil and gas sector. The report predicts the growth rate and the size of the market all through 2020. The main forces stimulating and impeding the growth of this market have also been elaborated upon. The threats as well as market opportunities that the players penetrating in the market come across have also been encapsulated under this study. The outcomes of the five forces evaluation of the property insurance market in the oil and gas sector also form a key part of this study.
As per the report, the global property insurance market in the oil and gas sector pegged at $14.171 bn in 2015 and is predicted to rise at a CAGR of over 3.0% between 2016 and 2020. As stated in the report, the machinery utilized in the oil and gas industry is highly expensive owing to the extremely specialized nature of operations in this industry. Owing to the fact that these expensive machineries are employed in highly hazardous operations, this is why the companies operating in the oil and gas industry find it a must to purchase insurance policies useful in covering losses. In addition, in this industry, the cost of debris removal and cleanup is skyrocketing, thus pressurizing companies to buy property risk insurance covers and make risk management strategies.
In the following part of the report, the market segmentation has been presented. The market is segmented in terms of sector and geography. On the basis of sector, the report categorizes the property insurance market in the oil and gas sector into downstream, midstream, and upstream. Of these, the segment of upstream is expected to lead the market all through the forecast period. This is owing to the rising count of exploration and drilling operations accompanying high risk potential, thus increasing the need for comprehensive risk coverage policies.
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Geographically, the report classifies the market into Asia Pacific, the Americas, and Europe, the Middle East and Africa. Amongst these, the Americas is predicted to dominate the market in the coming years, on the basis of revenue. The reasons for the superiority of this region include the shale gas boom within the U.S. and the growing crude oil production through unconventional oil and gas resources.
The market forces fuelling and inhibiting the development of the property insurance market in the oil and gas sector have been presented in the next section of the report. The rising risk owing to shifting bases of exploration and introduction of stringent regulations will provide impetus to the development of this market in the oil and gas sector. The rising deductible limits and the up rise of engineering services are the prime trends seen in the market. However, the impact of investment curtailment in the oil and gas industry is a chief factor working against the growth of this market.
The prominent players in the property insurance market in the oil and gas sector are Allianz, American International Group, Marsh, Willis-Tower Watsons, and Aon, among others, as stated in this report.
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