Zurich Insurance Group Ltd. said it will stop insuring new oil and gas projects.
Tag: oil and gas insurance
PetroSure Partners with AmTrust to Deliver Workers’ Comp to the Upstream Onshore Oil and Gas Industry
PetroSure, a highly specialized multi-line coverage program for the onshore oil and gas industry, has partnered with AmTrust Specialty Programs to provide industry-focused workers’ compensation coverage.
Texas Anti-ESG Push Is Coming for Insurers and Pensions in New Bills
A Texas lawmaker is seeking to broaden the fight against ESG policies by imposing further limits on the types of investments state pension managers can make and restricting shareholder proposals that would dictate insurance companies’ business with oil and gas firms.
ProgramBusiness: Outlook for the P/C Insurance Industry in 2023
The overall P/C insurance industry forecast for 2023 is optimistic due to the continued introduction of technology and the digitalization of the insurance process.
Munich Re Announces Stricter Policies for Investing In and Underwriting Oil and Gas Sector
The world’s largest reinsurer, Munich Re, announced stricter policies for investing in and underwriting oil and gas projects on Thursday, drawing praise from environmentalists. According to the German reinsurer’s website, as of April 2023, it will not invest in or insure projects involving new oil and gas fields or new midstream oil infrastructure. Insurers have… Continue reading Munich Re Announces Stricter Policies for Investing In and Underwriting Oil and Gas Sector
Senate Nixes Trump Rule Limiting Methane Regulation
The Senate voted Wednesday to undo a Trump administration rule that rescinded methane emissions limits and made it harder to regulate releases of the greenhouse gas from the oil and gas sector. In the 52-42 vote, three Republicans voted with Democrats to get rid of the rule: Sens. Rob Portman (Ohio), Lindsey Graham (S.C.) and… Continue reading Senate Nixes Trump Rule Limiting Methane Regulation
20 States Sue EPA Over Methane Emissions Standards Rollback
A coalition of 20 states and four municipalities sued the Environmental Protection Agency (EPA) on Monday over its rollback of methane emissions standards for oil and gas production. Last month, the EPA formally rescinded Obama-era standards that regulate methane emissions from oil and gas production, processing, transmission and storage. It also rolled back requirements for… Continue reading 20 States Sue EPA Over Methane Emissions Standards Rollback
Millions of Abandoned Oil Wells Are Leaking Methane, A Climate Menace
In May 2012, Hanson and Michael Rowe noticed an overpowering smell, like rotten eggs, seeping from an abandoned gas well on their land in Kentucky. The fumes made the retired couple feel nauseous, dizzy, and short of breath. Regulators responding to the leak couldn’t find an owner to fix it. J.D. Carty Resources LLC had… Continue reading Millions of Abandoned Oil Wells Are Leaking Methane, A Climate Menace
Climate Change Risk Will Have Transformative Effect on Energy Sector
Climate change and Environmental Social Governance (ESG) will transform the energy industry risk landscape, according to Willis Towers Watson, a leading global advisory, broking, and solutions company, at the launch of its annual Energy Market Review. Additionally, the recent oil price war and the reduction in demand for hydrocarbons as a result of the current… Continue reading Climate Change Risk Will Have Transformative Effect on Energy Sector
Ransomware Attack Exposes Poor Energy-Sector Cybersecurity
The energy sector remains vulnerable to cyberattacks despite years of threats, as illustrated by an alert issued last week by the Department of Homeland Security. The alert from the department’s Cybersecurity and Infrastructure Security Agency described a ransomware attack on an unnamed natural-gas pipeline operator that halted operations for two days while staff shut down,… Continue reading Ransomware Attack Exposes Poor Energy-Sector Cybersecurity