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Quest Training

Oil & Gas Insurance Underwriting & Risk Assessment Training Course

Develops the ability to assess technical, environmental and business interruption exposures across upstream, midstream and downstream oil and gas operations.

EIIN · Energy & Industrial InsuranceAll Levels#2130ClassroomEnglish , Arabic
Duration
5 Days
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Free substitution at any time · 30+ days' notice: full refund minus 10%. Cancellation policy

Sectors:Insurance & Risk ManagementCategories:Energy & Industrial Insurance

Course Overview

This comprehensive Oil & Gas Insurance Underwriting & Risk Assessment Training Course provides a practical and strategic understanding of insurance underwriting principles, risk assessment methodologies, policy structures, and risk transfer practices specific to the oil and gas industry. The course addresses the complex exposures associated with exploration, drilling, production, processing, refining, petrochemicals, pipelines, storage, transportation, and related energy infrastructure. Oil and gas operations involve highly interconnected technical, operational, environmental, financial, contractual, and business interruption risks. Effective underwriting therefore requires more than reviewing standard insurance information. It requires the ability to understand asset characteristics, operational processes, loss potential, safety controls, maintenance practices, business interruption exposures, catastrophe risks, and the effectiveness of existing risk mitigation measures. Participants will examine the key insurance classes used across the oil and gas sector, including property damage, business interruption, machinery breakdown, construction and erection, operational risks, marine and cargo exposures, environmental liability, third-party liability, political and emerging risks. Particular attention is given to underwriting information, risk engineering, loss history, deductibles, limits, exclusions, warranties, policy conditions, accumulation exposures, and pricing considerations. Through practical case studies, underwriting exercises, risk assessment workshops, policy analysis, and complex loss scenarios, participants will develop the ability to evaluate oil and gas risks systematically and make well-informed underwriting recommendations. The course also connects technical risk assessment with portfolio management, reinsurance considerations, contractual risk allocation, loss prevention, and sustainable insurance programme design.

Learning Objectives

  • Analyze the principal insurance exposures associated with upstream, midstream, and downstream oil and gas operations.
  • Assess the technical, operational, financial, environmental, and business interruption risks affecting oil and gas assets and projects.
  • Evaluate underwriting information required to assess oil and gas insurance risks accurately.
  • Apply structured risk assessment methodologies to oil and gas facilities, projects, equipment, and operations.
  • Evaluate property damage, business interruption, machinery breakdown, construction, marine, liability, and environmental insurance exposures.
  • Interpret oil and gas insurance policy structures, including limits, deductibles, exclusions, warranties, conditions, extensions, and special clauses.
  • Assess the effectiveness of safety systems, maintenance programmes, inspection regimes, emergency response arrangements, and loss prevention controls.
  • Analyze historical losses and identify trends that may influence underwriting decisions and risk pricing.
  • Evaluate accumulation, catastrophe, geographic concentration, and interconnected operational risks within oil and gas insurance portfolios.
  • Develop practical underwriting recommendations based on risk quality, loss potential, risk controls, and insurance requirements.
  • Assess the relationship between insurance underwriting, contractual risk allocation, reinsurance, and enterprise risk management.
  • Develop an integrated oil and gas underwriting and risk assessment framework that supports consistent and commercially sound underwriting decisions.

Who Should Attend

This course is designed for insurance professionals involved in underwriting, risk assessment, risk engineering, claims, portfolio management, broking, reinsurance, and insurance programme management for the oil and gas sector. It is particularly relevant to oil and gas underwriters, energy insurance specialists, risk engineers, insurance brokers, reinsurance professionals, claims managers, loss adjusters, and insurance portfolio managers. The programme is also suitable for professionals working within oil and gas companies who are responsible for insurance procurement, risk management, asset management, finance, contracts, commercial management, legal affairs, HSE, engineering, maintenance, and business continuity. It is appropriate for managers, senior specialists, technical professionals, project managers, decision makers, and executives working with energy assets and projects, including exploration and production companies, refineries, petrochemical facilities, pipeline operators, storage facilities, energy infrastructure providers, engineering and construction companies, insurers, reinsurers, brokers, and major industrial organizations.

Learning Outcomes

  • By the end of this course, participants will be able to:
  • Explain the fundamental principles and structures of oil and gas insurance underwriting.
  • Identify major insurance exposures across upstream, midstream, and downstream operations.
  • Assess the risk characteristics of oil and gas facilities, equipment, projects, and operational processes.
  • Review underwriting submissions and determine whether the available technical and operational information is sufficient for risk evaluation.
  • Evaluate fire, explosion, mechanical failure, natural catastrophe, environmental, operational, and business interruption exposures.
  • Analyze loss histories and use claims information to identify underwriting concerns and risk trends.
  • Review insurance policy wording and identify important coverage provisions, exclusions, deductibles, warranties, and limitations.
  • Evaluate the quality of risk controls, preventive maintenance, inspection programmes, safety systems, and emergency response arrangements.
  • Assess business interruption exposures and determine the potential financial consequences of operational disruption.
  • Identify coverage gaps, accumulation exposures, concentration risks, and areas requiring additional risk mitigation.
  • Prepare structured underwriting recommendations supported by technical, financial, and operational risk information.
  • Apply an integrated approach to oil and gas insurance underwriting, risk mitigation, portfolio considerations, and continuous risk improvement.

Course Outline

Course Outline

Day 1

Oil & Gas Insurance Fundamentals and Industry Risk Landscape

  • Principles and structure of oil and gas insurance
  • The role of insurance in oil and gas risk management
  • Characteristics of upstream, midstream, and downstream operations
  • Exploration, drilling, production, processing, refining, petrochemicals, pipelines, storage, and transportation risks
  • Major categories of oil and gas insurance coverage
  • Property damage and operational risks
  • Business interruption and consequential loss
  • Machinery breakdown and equipment-related exposures
  • Construction, erection, commissioning, and project risks
  • Marine cargo and transportation exposures
  • Environmental and third-party liability risks
  • Interconnected and cumulative risks across oil and gas operations
  • Practical application: Developing an insurance exposure map for an integrated oil and gas facility
Day 2

Oil & Gas Underwriting Methodology and Risk Assessment

  • Principles of energy insurance underwriting
  • Underwriting workflow and risk selection
  • Analysis of underwriting submissions and technical information
  • Asset values, replacement costs, production capacity, and operational profiles
  • Historical loss experience and claims analysis
  • Facility design, operating processes, equipment configuration, and process hazards
  • Risk engineering and technical inspection reports
  • Fire protection, explosion prevention, and emergency response systems
  • Maintenance, inspection, integrity management, and reliability practices
  • HSE management systems and operational controls
  • Natural catastrophe and environmental exposure assessment
  • Practical workshop: Conducting a structured underwriting assessment of an oil and gas facility
Day 3

Property, Business Interruption and Operational Risk Assessment

  • Property damage risk assessment for oil and gas facilities
  • Fire and explosion exposure analysis
  • Process safety and major accident hazards
  • Machinery breakdown and critical equipment exposures
  • Rotating and static equipment risk considerations
  • Pipelines, tanks, terminals, and storage facility exposures
  • Business interruption risk identification and assessment
  • Production dependency and bottleneck analysis
  • Contingent business interruption and supply chain dependencies
  • Maximum foreseeable loss and probable loss considerations
  • Business continuity and operational resilience
  • Risk mitigation and loss prevention strategies
  • Practical application: Assessing a combined property damage and business interruption exposure
Day 4

Policy Analysis, Pricing Considerations and Claims Risk

  • Structure and interpretation of oil and gas insurance policies
  • Coverage limits, deductibles, sublimits, exclusions, warranties, and conditions
  • Special extensions and policy endorsements
  • Valuation of assets and insured values
  • Underwriting considerations for high-value and complex energy assets
  • Risk-based pricing principles and rating considerations
  • Loss frequency, loss severity, and historical claims trends
  • Large loss scenarios and catastrophic exposures
  • Claims preparedness and documentation requirements
  • Relationship between underwriting quality and claims outcomes
  • Reinsurance considerations for major oil and gas risks
  • Identifying coverage gaps and potential disputes before losses occur
  • Practical workshop: Reviewing an oil and gas insurance policy and developing underwriting observations
Day 5

Advanced Energy Risk Assessment, Portfolio Management and Underwriting Strategy

  • Integrated risk assessment for complex oil and gas portfolios
  • Accumulation and concentration risk management
  • Geographic, asset, production, and supply chain accumulation
  • Emerging risks affecting oil and gas insurance
  • Climate-related and environmental exposures
  • Cyber and technology risks affecting operational technology and energy infrastructure
  • Political, geopolitical, and contractual risk considerations
  • Risk transfer and contractual allocation of responsibilities
  • Coordination between underwriting, risk engineering, claims, brokers, and reinsurers
  • Portfolio performance and underwriting governance
  • Risk appetite, underwriting authority, and escalation processes
  • Continuous improvement of underwriting standards and risk controls
  • Strategic approaches to oil and gas insurance portfolio management
  • Executive reporting and underwriting decision support
  • Final integrated workshop: Developing a complete underwriting and risk assessment recommendation for a complex oil and gas operation, including risk profile, coverage requirements, loss exposures, risk controls, underwriting considerations, and recommended risk improvement actions.

Upcoming Dates

Selected date

Rome · 28 Dec 2026 – 1 Jan 2027 · Classroom

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27 – 31 Dec 2026€4,400€3,960until 7 Dec
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28 Dec 2026 – 1 Jan 2027€4,700€4,230until 7 Dec
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28 Dec 2026 – 1 Jan 2027€6,093€5,484until 7 Dec
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28 Dec 2026 – 1 Jan 2027€5,700€5,130until 7 Dec
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28 Dec 2026 – 1 Jan 2027€4,400€3,960until 7 Dec
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28 Dec 2026 – 1 Jan 2027€5,400€4,860until 7 Dec
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RomeScheduled
28 Dec 2026 – 1 Jan 2027€5,800€5,220until 7 Dec
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28 Dec 2026 – 1 Jan 2027€5,300€4,770until 7 Dec
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28 Dec 2026 – 1 Jan 2027€6,700€6,030until 7 Dec
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