Willis (NASDAQ:WTW) says energy insurance market softening continued into 2026, with upstream classes delivering insurer profitability after another year of low loss activity and downstream experiencing around US$3.5 billion of losses so far this cycle.
Report notes insurer appetite and capacity oversupply are driving standard rate reductions of 10–15% and competitive tenders showing 20–50% cuts. Six of eight major losses this year occurred in the US, pressuring US-exposed clients. Trends to watch for 2026 include subsea capacity restrictions, upstream construction placement strategies, reinsurer top-up layer behaviour, and liability risks from US social inflation and new European class-action rules.
Willis (NASDAQ:WTW) afferma che il mercato delle assicurazioni energetiche si è ammorbidito anche nel 2026, con le classi a monte che registrano redditività degli assicuratori dopo un altro anno di bassa attività di sinistri e il downstream che finora registra perdite di circa 3,5 miliardi di dollari USA in questo ciclo. Il rapporto segnala che l'appetito e l'eccesso di capacità degli assicuratori stanno guidando riduzioni standard dei premi del 10–15% e gare competitive con tagli tra il 20% e il 50%. Sei delle otto principali perdite di quest'anno si sono verificate negli Stati Uniti, aggravando i clienti esposti agli USA. Le tendenze da monitorare per il 2026 includono restrizioni della capacità sottomarina, strategie di collocamento della costruzione a monte, comportamento del livello di top-up dei riassicuratori e rischi di responsabilità derivanti dall'inflazione sociale statunitense e dalle nuove norme europee sul class action.
Willis (NASDAQ:WTW) dice que el mercado de seguros de energía siguió debilitándose hacia 2026, con las clases de upstream que brindan rentabilidad a las aseguradoras tras otro año de baja actividad de pérdidas y el downstream reportando alrededor de 3,5 mil millones de dólares de pérdidas en este ciclo. El informe señala que el apetito y la sobreoferta de capacidad de las aseguradoras están impulsando reducciones de tarifas estándar del 10–15% y licitaciones competitivas que muestran recortes del 20–50%. Seis de las ocho mayores pérdidas de este año ocurrieron en Estados Unidos, presionando a clientes expuestos a EE. UU. Las tendencias a vigilar para 2026 incluyen restricciones de capacidad subacuática (subsea), estrategias de colocación de construcción upstream, el comportamiento de la capa de top-up de reaseguradoras y riesgos de responsabilidad por inflación social en EE. UU. y nuevas reglas europeas sobre acciones colectivas.
Willis(NASDAQ:WTW)가 에너지 보험 시장이 2026년에도 약세를 이어가고 있으며, 업스트림 계급이 손실이 없는 한 해의 저손실 활동 이후 보험자 수익성을 제공하고, 다운스트림은 이번 주기에 약 35억 달러의 손실을 기록했습니다. 보고서는 보험사의 의욕과 공급 과잉이 표준 보험료를 10~15% 인하시키고 경쟁적 입찰이 20~50% 감소를 보여주고 있음을 지적합니다. 올해 주요 손실 8건 중 6건이 미국에서 발생해 미국에 노출된 고객들에게 압박을 가하고 있습니다. 2026년 주시할 추세로는 수중 용량 제한, 업스트림 건설 배치 전략, 재보험사 추가 계층의 행태, 미국의 사회적 인플레이션과 새로운 유럽의 집단소송 규정으로 인한 책임 위험이 포함됩니다.
Willis (NASDAQ:WTW) indique que le marché de l'assurance énergie demeure plus souple en 2026, avec les classes en amont qui enregistrent une rentabilité pour les assureurs après une autre année d'activité de sinistres faible et le downstream qui enregistre jusqu'à présent environ 3,5 milliards de dollars américains de pertes dans ce cycle. Le rapport note que l'appétit des assureurs et la surcapacité entraînent des réductions de tarifs standards de 10 à 15% et des appels d'offres compétitifs montrant des coupures de 20 à 50%. Six des huit grandes pertes de cette année se sont produites aux États-Unis, ce qui met sous pression les clients exposés aux États‑Unis. Les tendances à surveiller pour 2026 comprennent les restrictions de capacité sous-marines, les stratégies de placement de la construction en amont, le comportement de la couche supérieure des réassureurs et les risques de responsabilité liés à l'inflation sociale américaine et aux nouvelles règles européennes sur les actions collectives.
Willis (NASDAQ:WTW) sagt, dass sich der Markt für Energiesverzekerungen bis 2026 abschwächt, wobei Upstream-Klassen der Versicherungsrentabilität nach einem weiteren Jahr niedriger Schadenaktivität erzielen und Downstream bislang rund 3,5 Milliarden US-Dollar an Verlusten in diesem Zyklus verzeichnen. Der Bericht stellt fest, dass der Appetit der Versicherer und ein Überangebot an Kapazität zu standardmäßigen Prämienkürzungen von 10–15% führen und wettbewerbsorientierte Ausschreibungen Kürzungen von 20–50% zeigen. Sechs der acht größten Verluste dieses Jahres traten in den USA auf, wodurch US-gefährdete Kunden unter Druck geraten. Trends, die 2026 zu beobachten sind, umfassen Kapazitätsbeschränkungen unter Wasser, Strategien zur Platzierung von Upstream-Konstruktionen, das Verhalten der Top-up-Schicht der Rückversicherer und Haftungsrisiken durch US-Soziale Inflation und neue europäische Regelungen zu Sammelklagen.
تقول شركة Willis (بورصة NASDAQ: WT W) إن سوق تأمين الطاقة يستمر في التليين حتى عام 2026، مع تحقيق فئات الإنتاج الأولي ربحية لشركات التأمين بعد عام آخر من انخفاض نشاط الخسائر، بينما يواصل قطاع downstream تسجيل خسائر تقارب 3.5 مليار دولار حتى الآن في هذه الدورة. وتشير التقارير إلى أن شهية شركات التأمين وتوفرها من القدرات يساهمان في خفض الأسعار القياسية بمقدار 10–15%، وأن العطاءات التنافسية تُظهر تخفيضات تتراوح من 20–50%. ست من أصل ثماني خسائر كبرى هذا العام وقعت في الولايات المتحدة، مما يضغط على العملاء المعرضين في الولايات المتحدة. الاتجاهات التي يجب مراقبتها في 2026 تشمل قيود القدرة تحت سطح البحر، استراتيجيات وضع البناء في الشمال (Upstream)، سلوك طبقة التكميل لدى شركات إعادة التأمين، ومخاطر المسؤولية الناتجة عن التضخم الاجتماعي الأميركي والقوانين الأوروبية الجديدة الخاصة بالدعاوى الجماعية.
Positive
Upstream underwriting shows continued profitability after low loss activity
Observed standard premium reductions of 10–15%
Competitive tenders showing premium cuts up to 20–50%
Negative
Downstream losses total approximately US$3.5 billion this cycle
Six of eight major losses this year occurred in the US
Subsea construction capacity remains restricted, creating a micro-hard market
US social inflation and nuclear verdicts are tightening casualty exposures
LONDON, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Insurance buyers remain in a strong position to optimise both cost and coverage as the market moves into 2026, according to the Energy Market Review Update published today by Willis, a WTW business (NASDAQ:WTW).
After experiencing another record year of low loss activity, attributed to improved baseline levels in risk management and asset quality, the upstream energy market continues to deliver profitability for insurers. Market softening has accelerated even further for the class since the previous Energy Market Review was published in April, with long-term relationships being rewarded as insurers prioritise retention of well-managed risks.
Downstream insurers, on the other hand, have suffered around US$3.5 billion of losses so far this cycle, with claims already equaling market premium. Six of the eight major losses in the year have occurred in the US, largely in the refining sector, putting clients with US exposure under scrutiny. Businesses with clean loss histories continue to benefit from favorable renewal terms in downstream, while companies with loss activity should expect markets to be somewhat more conservative, although rate reductions may still be available. Standard 10-15% reductions, up to 20-50% in competitive tenders, have been observed.
The report outlines some of the trends Willis will be watching in 2026:
Upstream construction: long-tail risks remain a perennial challenge, but underwriters are more accommodating of these less favored risks where an operational relationship already exists. Leaning on operational relationships to bolster a construction placement is becoming a key strategy.
Subsea construction: capacity remains restricted for subsea construction, creating a micro-hard market. In a soft market where winning new business is a key focus, some are considering writing small amounts of subsea construction to boost much-needed premium income.
Upstream reinsurance treaty renewals: if insurers continue to purchase high-level top-up layers on capacity assets, this will provide an indication of their future strategic direction in maintaining and growing market share versus adjusting budget expectations downward for 2026.
Liability market: Healthy capacity and generally positive loss ratios have helped to positively impact conditions and move the international market from a hard to a softening rating environment, in strong contrast to conditions in the US casualty market. Social inflation and nuclear verdicts in the US continue to drive reductions in lines and programs with exposure. In Europe, insurers are increasingly concerned about new legislation making it easier to bring a class action, which could lead to a material knock-on effect on liability claims costs.
Rupert Mackenzie, global head of natural resources at Willis, said: “Insurers have reported strong financial results at the end of Q3. The ongoing oversupply in capacity and insurer appetite for growth is simplifying previously complex verticalised placement structures, yielding premium savings for clients. This means that energy companies renewing in Q4 2025 and looking forward into 2026 are in a strong position, with room to negotiate conditions in addition to price.”
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FAQ
What did Willis say about the energy insurance market outlook for 2026 (WTW) on Nov 13, 2025?
Willis said market softening continues, benefiting well-managed upstream renewals while downstream faces ~US$3.5bn of losses.
How much are insurers reducing energy insurance rates according to Willis (WTW)?
Standard reductions of 10–15% were observed, with competitive tenders showing 20–50% cuts.
Which part of the energy market saw the largest losses in 2025, per Willis (WTW)?
Downstream experienced the biggest losses, about US$3.5 billion so far this cycle, many in refining.
How is subsea construction insurance described in Willis's Nov 13, 2025 update (WTW)?
Subsea construction capacity is restricted, creating a micro-hard market for that class.
What should energy companies with US exposure expect at renewal, per Willis (WTW)?
US-exposed clients face greater scrutiny; clean loss histories get favorable terms while active-loss accounts see conservatism.
What liability risks did Willis highlight for 2026 that could affect energy insurers (WTW)?
Risks include US social inflation and nuclear verdicts and European class-action changes that could raise claims costs.
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