QBE publishes Oil and Gas Spring Update 2022
By QBE Trade Credit Senior Underwriter Annaka Charters
Sector Overview
2021 saw oil price rises combined with supply challenges due to increased demand following the easing of COVID 19 restrictions. 2022 has, so far, continued in a turbulent and challenging manner with the Russia/Ukraine conflict highlighting Western Europe’s reliance on Russian oil and gas. International sanctions and a desire to reduce Russian dependence have been key drivers behind significant price increases. The US has already implemented a ban on Russian oil imports, with the UK planning on phasing out all imports by the end of 2022. Germany, a country that purchased a quarter of its oil and 40% of its gas from Russia, have announced plans to halve Russian oil consumption by the summer, and reduce to zero by the end of the year; gas is then set to follow. The gas market also remains a challenge in 2022 with record prices reached following a rebounding demand for commodities. In addition to formal government policies and sanctions, companies are facing moral pressures to reduce their involvement with Russia. After posting record profits in 2021, the likes of BP and Shell, have announced they will divest their Russian holdings and cease partnerships.
To view QBE’s Oil and Gas Spring Update CLICK HERE
About QBE
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018 was US$13.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.