2025Year-EndNFPP&CClient Trend Report|15

The energy insurance market closed out 2025 with a distinctly mixed outlook across segments. In the downstream property space, the softening trend that began earlier in the year continued to gain traction. After several years of elevated rates, insurers were increasingly willing to entertain modest reductions, particularly for well-engineered, loss- free accounts. This shift reflected strong sector profitability in 2023 and relative stability throughout 2024, which have driven by differences in risk quality and premium volume. Established carriers are aggressively defending market share, new entrants have been challenging incumbents. still depend heavily on risk quality, engineering data and valuation accuracy, the broader trend suggests continued reduction in active markets has increased reliance on multi-carrier placements and new market entrants, including managing general agents to fulfll coverage needs, add competition and drive innovation in underwriting. Despite these challenges, the upstream segment demonstrates overall stability with pricing discipline. The marketplace will see