Upstream Energy Market Update Q1 2024

The Upstream Energy market continues to grapple with profitability, capacity, and potential rate rises.

The Upstream Energy market in 2024 experiences a tug-of-war between profitability and capacity, with dynamics favouring buyers. While 2023 was profitable, challenges persist, especially in onshore exposures, leading to increased market discipline and potential single-digit rate rises. The oversupply of capacity in certain sectors may result in rating reductions. The market faces a compounding effect of increased capacity and a keenness to write more business, potentially leading to a challenging environment with too much capacity chasing premium dollars. Brokers are expected to leverage this dynamic in the fight for market share, creating a market that requires strategic navigation and adaptability throughout 2024.


Matt Byatt

Head of Upstream | Energy, Power & Renewables

+44 7717 727080


Matt began his career at the JLT Group specialising in energy package programmes with a strong emphasis on North American business. After 14 years, Matt moved to Alesco with a significant development role in terms of new business, placing and implementation of complex programmes worldwide. Matt’s extensive international Upstream marketing and placement experience aligns with clients’ needs, and he will work closely with his broking colleagues and our servicing team, including claims when the situation arises.