Upstream energy softening exceeds expectations, follow competition intensifies, says broker WTW

Upstream energy clients were increasingly favouring automatic capacity over traditional follow-only markets, according to George Richardson from broker WTW. This was because of its lack of differentiation between poor-performing construction classes, he said. Willis’s global head of natural resources, Rupert Mackenzie, warned that challenges to insurers’ profitability were increasing. Energy insurers were chasing market share…