Rising insurance costs in the energy sector are causing widespread concern, particularly when it comes to managing business interruptions. As claims severity increases due to inflation, material costs, and labor shortages, energy companies are seeing longer repair times, extending downtime periods. To navigate this challenge, it’s important to implement comprehensive business continuity plans.
Energy operators should focus on pre-emptive risk management, such as investing in regular equipment maintenance, improving supply chain resiliency, and leveraging alternative risk financing options like captives. Ensuring appropriate business interruption coverage is equally essential, particularly in today’s volatile market.
By proactively addressing these risk factors, energy companies can better withstand disruptions and protect their bottom line.
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