Willis Chief Says Insurance Industry is Rising to Meet the Energy Challenge

Joe Plumeri, Chairman and CEO of Willis Group WSH, the global insurance broker, told senior executives from the oil and gas industry that despite natural and man-made catastrophes in recent years, the insurance market supporting the energy industry has risen to the challenge, providing abundant capacity, helping to improve loss records and finding solutions to enable new technologies. Speaking at the broker's inaugural Willis North American Energy Conference in San Antonio, Texas, yesterday, Plumeri said that the oil and gas industry is the most exposed of any industry to risk, facing everything from legal risks to operational, political, reputational and terrorism risks. In his speech, he highlighted the most pressing challenges facing the industry and examined ways in which the insurance industry is responding.