Insurance is the one crucial factor which makes global trading of energy happen, as this new report from AXA XL notes. No cover and no tankers move, no pipelines open, no new solar farms are built, or heat pumps installed.
A global survey of energy business leaders has revealed a significant shift in how they perceive and engage with insurers, with 86% now viewing them as strategic partners and advisers throughout the lifecycle of their energy projects, up from 56% a year ago.
The result from the Reuters Events survey, produced in partnership with global commercial insurer AXA XL, reflects the increasing complexity and importance of risk management in the evolving energy landscape.
Other key findings from the survey include:
- Two thirds (67%) expect the importance of insurance to their business to grow in the next two years, due to the rising risk of extreme weather and regulatory requirements.
- More than half of respondents (52%) expect oil and gas to be part of the future energy mix needed to meet increasing global demand for electricity, almost double last year’s figure of 28%.
- Half (50%) ranked cybersecurity among the top risks to their businesses, emphasizing the growing importance of risk mitigation in digitalized energy infrastructure, with operational risks and regulatory risks close behind.
- Policy and regulatory barriers remain the most commonly cited obstacle to renewables growth over the next five years, identified by 42% of respondents.
- An overwhelming 81% of respondents said a fair transition to a decarbonized economy was important to their business, consistent with a similar result from last year’s survey (82%).
Commenting on the findings, Vicky Roberts-Mills, Global Head of Energy Transition at AXA XL said: “The energy sector is at a pivotal point, where the role of insurance is more vital than ever. Our latest survey highlights how energy leaders now see insurers not just as providers of financial protection but as strategic partners and advisers integral to their success.
“As we navigate the complex challenges of cybersecurity, extreme weather resilience, and operational safety, we believe that collaboration, innovation, and comprehensive risk management across the entire asset lifecycle are the keys to unlocking the potential of the future energy mix.”
The Reuters Events Future Energy Transition Insurance Insights Report 2026 offers a comprehensive analysis of the transformative role insurance plays in supporting the energy sector’s shift toward sustainability and resilience. Click here to read more.
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