Living in a soft market

Bruce Rodger, energy class underwriterArgo International

There is no doubt last year was a difficult one for many in the upstream insurance sector. The softening of the market, which arguably began in March, continued to gain momentum throughout the year. Capacity continues to abound, with competition fierce as orders reduce under the pressure of greater buyer retention, local market participation and the occasional broker arrangement or sidecar taking a share of the pot. The cake has got smaller and there are more mouths to feed.