It’s common knowledge in the energy industry that the ‘unpredictable is predictable.’ That’s why increasingly, companies in this sector look to innovative ways to get ahead of key threats to their business and proactively prepare for loss, accidents and infrastructure threats. However, not all decision-makers put insurance for energy programs on the top of their list to combat these situations, even though it’s critical to do so. In fact, the U.S. Department of Energy has released multiple reports in recent years about the importance of viewing insurance as “a risk management instrument for energy infrastructure security and resilience.”
The department report notes that although weather-related incidents make up most of the industry’s economic losses, new and emerging threats such as cybersecurity and space weather (solar events)—are formidable risks now as well. A global economy also triggers unpredictability in workforce and supply. Premiums, of course, typically correspond to the inherent risk. Some utility providers have seen up to an unprecedented 30% increase in premiums during the past year.
But the energy captive from eMaxx offers real solutions and pathways for companies to take during these difficult times. Businesses in this sector can count on eMaxx insurance as the gold standard for policy cultivation and control. It offers companies a wide variety of alternative solutions in a variety of target classes.
eMaxx leads the pack across the U.S., in part, because of its state-of-the-art combination of risk management and technology products. In the past few years its programs, namely group captives, have seen a 46% reduction in frequency and significant impact in the severity of claim outcomes among energy sector members. When you add the tech-enabled facet of the program to its stellar claims management system and add the fact that members take on governance of their own policies and assume control, the results are outstanding. eMaxx assurance reviews among members have been top-rated. Satisfaction guaranteed.
As a recent Insurance Journal states, the past year has been a “wild one” for industries in this energy sector. From Covid to fluctuating oil prices and power shutdowns, key players are up against a changing market. Contact eMaxx to take control of your destiny.
