Concordia Consultancy at the Onshore Energy Conference in London, UK
2nd November 2017
On Wednesday, 1st November 2017, our Energy Practice Leader, Dilan Surendrakumar attended the annual onshore energy conference held at the QEII Centre in London. The theme of the conference focused around relevance with discussions and presentations relating to the challenges facing the London insurance market and how it can stay relevant in a fast-changing world.
The keynote presentation was delivered by Dieter Helm, Professor of Economic Policy at University of Oxford. Professor Helm spoke about the gradual demise of the oil and gas industry, the digitalisation of the world and the transformation of economies through electricity.
Some points from the conference:
1.There are significant challenges facing the onshore energy market including overcapacity, low margins, a declining demand for insurance and increasing competition.
2.There has been a growth in captives. The insurance market players should recognise this growth in captives and design new tailor-made innovative solutions in order to stay relevant in this market.
3.The insurance industry should expand the type of solutions they provide - there is a need for new lines of coverage and responses to emerging risks.
4.The Oil & Gas market is forcing companies to reinvent themselves to improve productivity and profitability. Investing in digital technology is a move which can increase efficiency and production, reduce operating costs and minimise risk.
5.The use of Unmanned Aerial Vehicles (UAVs) are expanding exponentially. Major players in the industry are marrying drone technology and artificial intelligence.
6.Cyber risks are growing with increasing sophistication and can have physical damaging consequences.
For more information please contact:
Dilan Surendrakumar in London,
Consultant and Energy Practice Leader
Tel: + 44 (0) 207 623 8461
Mobile 24/7: + 44 (0) 7515 333 908
