韦莱韬悦（WTW）：2026全球能源市场回顾报告（英文版）（61页）.pdf

1、Energy Market Review 2026April Lets goEnergy Market Review 2026Table of |Energy Market Review|April 2026IntroductionThe CCS chain reactionEnergy sector M&A trends to watch in 2026Snapshot:Energy reinsurance renewalsUpstreamDownstreamInternational liabilityU.S.casualtyEnergy hotspots:Key global trend

2、sAcross upstream,downstream and energy liability markets,2026 is defined by a striking contradiction.Despite mounting loss activity,rising social inflation and geopolitical volatility,the energy insurance market remains deeply soft,with abundant capacity,intense competition and continued downward pr

3、essure on rates.Deteriorating loss trends,whether from heavy downstream refinery losses,upstream construction tails or liability claims inflation have not yet driven corrective hardening.Loss severity remains insufficient to counteract broader industry capital oversupply,leaving pricing increasingly

4、 disconnected from underlying risk.Capacity oversupply is the central driver.Downstream markets continue to attract new entrants,keeping line size availability high even as losses escalate.Upstream capacity has reached record levels of over$10 billion with further growth expected from new market ent

5、rants and broker facilities.International liability markets also report healthy capacity,boosted by managing general agent(MGA)expansion despite concerns around long tail claims inflation.This abundance is amplifying competition,pushing underwriters to protect portfolios through aggressive rating,br

6、oadening appetite and stepping into leadership positions to maintain relevance.Welcome to the first Energy Market Review of |Energy Market Review|April 2026Regional competition,particularly from the Middle East,is a unifying theme.International markets often write narrower portfolios,isolating them