Since the price of crude oil collapsed in 2014, the oil and gas sector has faced unprecedented financial pressures, resulting in aggressive streamlining as companies have been forced to cut costs. Throughout this period of turmoil, we have supported our clients in every way that we can – being as proactive as possible and reacting to their ever-changing requirements.
Looking ahead, the outlook for the sector is broadly positive, partly because many oil and gas companies are emerging from the last few years leaner and more competitive. Demand is also on the increase; emerging markets such as China and India are becoming massive consumers and a study from BP predicts that global energy consumption will increase 34 per cent by 2035.
We have been supporting companies in the oil and gas sector for more than 30 years. We work with many of the world’s largest international oil companies, national oil companies and drilling contractors and service companies. Our priority is building strong, long-term relationships and several of our major clients have been with us for more than 20 years.
We listen closely to our clients and support their requirements for risk transfer, whatever form they may take. Our underwriters have substantial expertise in this sector – some of them even have first-hand experience of working in the industry – and they have the authority to make decisions, which is something we believe our clients value highly. We lead much of the business we write and offer market-leading capacities in many areas.
We are well known for our practical approach to claims; we always aim to settle as quickly and fairly as possible in order to protect your interests. We have successfully led the settlement of a number of the world’s largest and most complex oil and gas claims.
We cover upstream and downstream operators’ and contractors’ risks, including physical damage/loss, loss of production/business interruption and liability. We offer significant capacity of US$500m for upstream oil and gas companies; US$225m for downstream oil and gas companies; and US$150m for liability risks.
Read more about Oil and Gas Insurance
We protect directors and officers of oil and gas companies against the financial losses that can arise from actual or alleged wrongful acts. This includes defence costs and expenses, investigation costs and extradition costs.
Read more about Directors' and Officers' Liability
We enable oil and gas companies to satisfy their duties under the Employers’ Liability (Compulsory Insurance) Act 1969 to insure against liability for bodily injury or disease sustained by employees.
Read more about Employers' Liability
We offer tailored Accident and Health cover to oil and gas companies to help them fulfil their duty of care to their employees around the world. Cover can include personal accident, sickness, travel and other related products.
Read more about Accident and Health
Our Trade Credit cover protects oil and gas companies from the damaging effects of customer insolvency and payment default, as well as non-payment due to political risks. It provides invaluable balance sheet protection, safeguards profit margins and improves access to finance.
Read more about Trade Credit
We cover oil and gas companies against losses arising from war on land, confiscation and expropriation, political violence and terrorism. Cover includes compensation for losses affecting both fixed and movable assets, as well as business interruption and physical damage.
Read more about Political Risk, Political Violence and Terrorism
Our tailored Kidnap and Ransom cover protects employees of oil and gas companies against the threat of kidnap, extortion or illegal detention. As well as financial protection, we provide expert support in the event of a crisis from specialist kidnap response consultants.
Read more about Kidnap and Ransom
QBE has been providing cover for motor fleets since 1927 and, for larger risks, we have particular expertise in dealing with non-conventional arrangements. Our Motor Risk Solutions team can also work with you to reduce your accident frequency and claims costs.
Read more about Motor Fleet
We offer bonds that provide independent security to customers against losses or damage suffered as a result of their contractors or suppliers breaching their contractual obligations. Our team has in-depth experience and a flexible approach, and we are at the forefront of new product development.
Read more about Surety Bonds