Guy Carpenter, a risk and reinsurance advisory firm, states in its Global Specialties Market Update that the marine and energy insurance sector is entering a period of reassessment, shaped by major losses, geopolitical pressures, and shifts in reinsurance capacity.
The update notes that geopolitical tensions in the Red Sea, Strait of Hormuz, and Persian Gulf, particularly involving Iran and Qatar, are heightening scrutiny of war-risk exposures within marine lines.
Reinsurance supply continues to outpace demand across most marine and energy classes, maintaining downward pressure on pricing.
The UK High Court ruling on Russian leasing losses is being carefully analysed by insurers to determine the correct application of loss occurrence wordings.
Buyers are increasingly focused on cost-efficient reinsurance structures that provide clear value, with newer market participants particularly eager to differentiate in an environment of excess capacity.
Guy Carpenter emphasises that it is working with clients on renewal scenario planning, weighing possible outcomes around loss experience, pricing movement, and Russia-related risks.
“Buying behaviour remains relatively stable, with the emphasis on portfolio differentiation and individual client performance,” said Richard Hakes, Global Head of Marine, Energy and Technical Lines, Guy Carpenter.
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