The Willis Towers Watson Oil, Gas and Chemicals team comprises over 190 experts including transactional, technical, claims, wording and engineering specialists operating all over the world. They provide a complete risk management, risk transfer and in-house claims service, built around a deep understanding of all aspects of the industry. We view ourselves as a strategic business partner, focused on delivering real value both in risk management and risk transfer.
Through Willis Towers Watson' industry benchmarking, we are able to guide our clients through a variety of risk management approaches employed across the wider industry sector to enable them to make the most informed risk decisions. Publications such as the market-leading Natural Resources Market Review provide in-depth analysis of issues affecting the Oil, Gas and Chemicals sector.
The global Oil, Gas and Chemical sector is predicted to grow significantly on the back of strong demand which will continue to expand during the next few decades alongside the gradual recalibration of the energy system. However, the industry's traditional business models are increasingly threatened by significant and immediate change:
Many of our clients operate some of the largest and most complex programmes in the Oil, Gas and Chemicals sector and do business in the most challenging territories and environments.
Our specialists have the experience, industry expertise and training to deliver clear guidance, at speed. Wherever a client may be in the exploration, production, construction or operational life cycle, we ensure that their risks are effectively managed from a contractual and regulatory standpoint. Our team of in-house lawyers and wording specialists are experts in reviewing existing contract obligations and in developing best in class wordings to maximise protection and help limit liability.
Identifying and analysing your risk
As recognised worldwide as leaders in this sector, we work with a range of oil and gas companies to identify and prioritise their exposures, creating optimal and tailored strategies so you can make informed risk decisions. Through Willis Towers Watson' industry benchmarking, we are able to guide our clients through a variety of risk management approaches employed across the wider industry sector to enable them to make the most informed risk decisions.
Effective risk management strategies are those that are embedded across the enterprise. Willis Towers Watson Oil, Gas and Chemicals specialists work with our analysts to bring the most modern and sophisticated risk management techniques to your programme, thereby enhancing your risk culture and optimising your risk costs:
Optimising your risk
We combine sector knowledge with analytical capabilities to design optimal risk programmes by applying proprietary risk analytics, tools and sector knowledge to help our clients make more informed risk management decisions. Our risk analysts keep pace with the models applied by the insurance markets and combine this insight with proprietary tools and technologies to provide our clients with the best advantage.
We then establish the most efficient balance between risk transfer and retention by setting appropriate limits and deductibles in line with a client's agreed risk appetite. Willis Towers Watson runs the most comprehensive database of Oil, Gas and Chemicals losses in the world. Providing proprietary benchmarking information, this resource is unique and widely used by clients, insurers and loss adjusters throughout the industry.
Protecting your risk
Our risk management specialists regularly reassess client programmes so that they remain relevant – this is not a one-off process confined to the insurance renewal. We ensure that our approach to risk transfer is fully aligned to our clients' business and their strategic priorities, through:
Developing long term solutions for your risk
We design and place sustainable insurance programmes, prioritising long-term, secure, 'relationship' insurers. We regularly test these programs and develop alternative insurance capacity to ensure that our clients are not overly dependent on any particular insurer(s) and that they benefit from market competition for their business. We keep our clients updated on market and other developments throughout the year, with relevant benchmarking and premium budgeting so that they receive no unpleasant surprises at next renewal.
We are focused on protecting the financial metrics of our clients, their people and their assets. We understand that as your company grows, you need reliable information on territories into which you are expanding. So we provide territorial and project specific reports to help our clients make better decisions regarding investment strategies and we provide risk assessment reports in order to help reduce project investment risk profiles. This information can increase the Board's confidence levels in strategic decision making.
What our clients think?
Oil & Gas global reach
Maximising Available Capacity - Upstream Operating Insurer capacity - (excl Gulf of Mexico Windstorm)
Maximising Available Capacity - Downstream Operating Insurer capacity - (excl Gulf of Mexico Windstorm
Recent offshore construction experience
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