Insurance is and has always been the most efficient tool for transferring risk for energy companies. It is the cost-effective way to replace capital, protect cash flow, facilitate financing, and maintain investor confidence.
At GrECo, we create and deliver tailor-made risk management solutions to incumbent companies as well as to fast-growing entrepreneurial start-ups.
The energy insurance market comprises Upstream (onshore and offshore) exploration and production along with Midstream (storage and transportation) and Downstream (refining, distribution, petrochemicals) elements. The nature of activities required for exploration and production is inherently prone to large scale losses because the assets are usually located in extremely hostile environments and are often exposed to severe weather conditions and man-made risks. Although the frequency of claims has decreased due to technological advances and overall better risk management practices, the severity of loss, i.e., the monetary impact, continues to rise.
As re/insurance brokers and risk consultants, we primarily aim to understand your company’s focus and expertise and identify the aggregate value of large losses that could severely impact your ability to deliver sustainable profits and destroy physical assets.
Our approach to risks in the energy industry is cutting-edge and bespoke. Thanks to our extensive expertise we know your needs are not the same as your competitors and offer compelling insurance solutions to unique to your business.
Key insurance coverage available for onshore or offshore operations include, among other things:
- Physical loss or damage to property, machinery, equipment and stock;
- Operators’ extra expense including Control of Well, Re-drilling Expenses, Clean-up etc;
- Business interruption or loss of production income (LOPI);
- Environmental and Pollution legal liability insurance;
- Construction and erection all risks;
- Hull and machinery;
- Protection & Indemnity;
- Workers Compensation / Employer’s Liability;
- Terrorism and Political Violence Insurance.
No single insurance company will, nor can underwrite the whole risk. The main benefit we offer our clients is to help finance and transfer your risks. As (re)insurance brokers we unlock the local, regional, international, and global insurance markets to secure suitable coverage. By utilising our expertise in technology and analysis, we bolster the value proposition for energy and utility companies. We stay vigilant in monitoring insurance market trends, enabling us to keep clients well-informed about potential future impacts.
Our services include:
Early engagement services: risk and exposure analysis during the planning phase including project risks.
Risk engineering and risk consulting.
Insurance programme design: design to fit client’s long-term risk and insurance philosophy.
Broking & placement: no two risks are the same. We access local, regional and international re/insurance markets to achieve the best results in structuring the coverage that responds to client’s needs.
Servicing & programme administration: we deploy our experienced and responsive account management teams to handle ongoing and daily servicing agendas.
Claims handling: we continuously aim to advocate your claims to obtain the maximum payout.
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Nathalie Vantieghem
Head of Industrial Risks
T +43 5 04 04 328