Property Insurance for Oil & Gas Sector Market Report 2022–2030
The oil & gas industry consists of a series of procedures, chemical reactions and harsh & difficult working conditions that tend to increase the risk to cost-intensive property and environment. Thus, the industry needs to be insured to cover a certain proportion of the liability in case of any accidents. Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents in the event of damage or theft.
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In November 2019, Allianz Group announced that it has partnered with Microsoft to digitally transform the insurance industry wherein Microsoft will partner with Syncier, the B2B2X insurtech founded by Allianz, to offer customized insurance platform solutions and related services
In December 2019, Intact Financial Corporation announced that it has completed the acquisition of The Guarantee Company of North America (The Guarantee) and Frank Cowan Company Limited (Frank Cowan), having received all required regulatory approvals worth USD 1 billion
AXA SA (France), Chubb (United States), Tokio Marine HCC (United States), Liberty Mutual Insurance Company (United States), Allianz (Germany), American International Group, Inc. (United States), Berkshire Hathaway, Inc. (United States), Intact Financial Corporation (Canada), The Travelers Indemnity Company (United States), Cravens Warren Commercial Insurance (United States), Munich RE (Germany)
The increasing number of interruption in the oil and gas industry due to the occurrences such as power shutdown, internal or external interference in operational activities, or other activities reacted to property. Property insurance provides damage and rebuilds claims regarding property damage costs and normal maintenance/scheduled turnaround/betterment costs. The growing demand for property insurance in the oil and gas sector has driven market growth.
An increase in deductible limits by oil and gas companies’ in order to save money on premiums will ultimately increase the coverage limit. Also, certain laws provide exemptions from the deduction limit for certain situations and will provide tax saving. This benefit has motivated the oil and gas sector to adopt insurance policies of which property insurance is being demanded.
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The property insurance are now made to compensate an insured for the financial impact of the interruption/interference to that business as a result of physical damage to insured property or other key external events, such as damage at a supplier’s or customer’s premises.
#Property_Insurance_for_Oil_&_Gas_Sector Comprehensive Study by
#Type (Personal Property Insurance, Commercial Property Insurance)
#Application (Upstream, Midstream, Downstream)
#Coverage (Replacement cost, Actual cash value, Extended replacement costs)
#Package (Owners Insurance, Renters Insurance, Flood Insurance, Earthquake Insurance, Others)
What can be explored with the Property Insurance for Oil & Gas Sector Market Study?
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Analyze and Measure the Global Property Insurance for Oil & Gas Sector Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Property Insurance for Oil & Gas Sector
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