NJ New Jersey, USA -- (SBWIRE) -- 07/20/2023 -- Advance Market Analytics published a new research publication on "Property & Casualty Insurance for Oil & Gas Sector Market Insights, to 2028" with 232 pages and enriched with self-explained Tables and charts in presentable format. In the Study you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market associated stakeholders. The growth of the Property & Casualty Insurance for Oil & Gas Sector market was mainly driven by the increasing R&D spending across the world.
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Some of the key players profiled in the study are:
Allianz (Germany), American International Group, Inc. (United States), Arch Capital Group Ltd (Bermuda), AXA SA (France), Berkshire Hathaway, Inc. (United States), Chubb Limited (United States), Cravens Warren Commercial Insurance (United States), Everest Re Group, Ltd. (Bermuda), Hartford Fire Insurance Company (United States), InSource Insurance Group, LLC (United States), Intact Financial Corporation (Canada), James River Insurance Company (United States), Liberty Mutual Insurance Company (United States), Munich RE (Germany), Starr International Company, Inc. (United States), The Travelers Indemnity Company (United States), Tokio Marine HCC (United States), Zurich Insurance Group Ltd. (Switzerland).
Scope of the Report of Property & Casualty Insurance for Oil & Gas Sector:
The global property & casualty insurance market for oil & gas sector is expected to grow at a moderate pace during the forecast period, according to the AMA study. Rising number of interruptions & casualties in the oil & gas sector is expected to be one of the major factors aiding into the growth for the market. The market was estimated to be around USD 17,371.1 million in 2019. However, the market is expected to witness some decline in the growth for the next few years due to the current pandemic & the recession in oil & gas industry, but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Opportunities:
An increase in deductible limits by oil and gas companies' in order to save money on premiums will ultimately increase the coverage limit. Also, certain laws provide exemptions from the deduction limit for certain situations and will provide tax saving. This benefit has motivated the oil and gas sector to adopt insurance policies of which property insurance is being demanded.
Market Trends:
The property insurance are now made to compensate an insured for the financial impact of the interruption/interference to that business as a result of physical damage to insured property or other key external events, such as damage at a supplier's or customer's premises. Furthermore, the growing use of blockchain in casualty insurance sector and increasing usage of artificial intelligence (AI) sensor technology & cloud technology are some other trends of the market.
Challenges:
Declining Oil & Gas Sector Due to Shortage of Current Oil & Gas Resources
Market Drivers:
The increasing number of interruption in the oil and gas industry due to the occurrences such as power shutdown, internal or external interference in operational activities, or other activities reacted to property. The growing demand for property insurance in the oil and gas sector has driven market growth. Furthermore, the rising concerns for accidents caused in the oil & gas sector & increasing regulatory pressure to ensure the employees' safety & security is another major driving factor.
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The titled segments and sub-section of the market are illuminated below:
by Type (Property Insurance {Personal Property, Commercial Property}, Casualty Insurance), Application (Upstream, Midstream, Downstream), End Users (Exploration and Production Companies, Drilling Contractors, Oil Field Service Contractors, Oil Lease Operators, Pipeline Operators and Contractors, Plant Maintenance Contractors, Others), Coverage (Property Insurance {Replacement Cost, Actual Cash Value, Extended Replacement Costs}, Casualty Insurance {Workers' Compensation, Automobile Liability, General Liability, Excess and Umbrella Liability})
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
Strategic Points Covered in Table of Content of Global Property & Casualty Insurance for Oil & Gas Sector Market:
Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Property & Casualty Insurance for Oil & Gas Sector market
Chapter 2: Exclusive Summary – the basic information of the Property & Casualty Insurance for Oil & Gas Sector Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Property & Casualty Insurance for Oil & Gas Sector
Chapter 4: Presenting the Property & Casualty Insurance for Oil & Gas Sector Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country 2015-2020
Chapter 6: Evaluating the leading manufacturers of the Property & Casualty Insurance for Oil & Gas Sector market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2023-2028)
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source
finally, Property & Casualty Insurance for Oil & Gas Sector Market is a valuable source of guidance for individuals and companies.
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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.