Adapt or die: brokers and the energy sector

The global energy sector is currently characterized by rapid and fundamental change. To catch up with the evolution faced by energy insurance clients, there will need to be something close to a revolution in how insurance brokers and underwriters are led and managed. This was the main message of the keynote speech that Phillip Ellis , chairman of Willis Global Energy, gave at the Marine Insurance Seminar in Houston recently. Speaking to a cross-section of the energy insurance community, Mr Ellis highlighted the key changes taking place in the global energy insurance industry and gave his views on how brokers and underwriters need to respond to these changes. In particular, he pointed out that risk, and risk management, has moved to the top of management’s agenda in large and small oil and gas groups. The following is an edited extract from Mr Ellis’s speech.