Insurer invests in the growth of the insurance market in the oil and gas sector

Reference in solutions for large risks, the Austral insurer registered R $228 million in premiums issued in petroleum risks, reaching 35% of the market in 2018. The growth of more than 110% in relation to the same period of 2017 is the result of the largest volume of new business in the sector and based on a strategy focused on innovation, agility and operational efficiency.

The achievement takes place at a good time for the oil and gas insurance market. Data from Susep show that the growth of awards issued from November 2017 to November 2018 has already reached approximately 120% in this line of business.

"Our strategy is long-term, focused on the organic growth of the portfolio and delivering tailor-made solutions to the risks and exposures of customers across the chain of industry suppliers, ranging from drilling activities to catering", Explains Carlos Frederico Ferreira, CEO of Austral insurer.

One of the main catalysts for the favorable scenario and the growth of the insurer in the area of Energy was the increase of interest in the purchase of holdings in the area of exploration and production (E&P) – the operations known as "farm-in's" – in mature fields by Part of smaller carriers, such as the negotiations involving the fields of Frade, Bjsa, Pampo & Anchova and the so-called Northeast pole.

In this environment, the prospect for the oil risk insurance industry is even more optimistic for 2019. The increase in exploration and production activities, especially in the resumption of drilling campaigns and the development of new subsea projects, should inject even more prizes to the sector.

"Austral's bet is the increase in drilling activities, subsea engineering projects and the construction and hiring of new production and drilling units. The industry agenda for this year still involves other relevant topics, such as the opening of the natural gas market, the revision of the surplus of the onerous transfer and the new rounds of the ANP for pre-salt and post-salt ", says Thiago Navega, head for operation of risks of Oil and marine risks of the insurer.

Thiago Navega recalls that for this year there are two important bidding processes involving Petrobras: one linked to the structuring of the operational insurance program in Brazil and another exclusively for the Libra field, considered the jewel of Pre-salt crown.

"We hope that 2019 is actually a year of transition to the oil and gas industry," he says. "The Petrobras Business and management plan for the period 19-23 already indicates an investment of us $84 billion, of which US $68 billion will be allocated to E&P. In addition to the State, other relevant companies have shown an appetite for the resumption of investments in Brazil, if of Shell, Total, Chevron and Exxon, the latter returning to operate in Brazil after 9 years, "he adds.

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