The oil and gas sector is a mainstay of the UAE economy. The country is the fourth largest producer among OPEC members, and the seventh largest in the world, exporting more than 2.5 million barrels of crude oil per day. With a well developed oil and gas infrastructure and processing sector, the country also makes extensive use of local natural gas resources for both electricity generation and enhanced oil recovery.
With demand expanding both domestically and internationally – a BP study predicts that global energy consumption will increase 34 per cent by 2035 – the sector is well placed to capitalise on efficiencies and innovations introduced following the crude oil price collapse of 2014-2016, and to mobilise transformative new technologies such as digitisation and robotics.
QBE has been supporting companies in the oil and gas sector for more than 30 years. We work with many of the world’s largest oil companies, drilling contractors and service companies. Our priority is building strong, long-term relationships and several of our major clients have been with us for more than 20 years.
We listen closely to our clients and support their requirements for risk transfer, whatever form they may take. Our underwriters have substantial expertise in this sector and the authority to make decisions, which is something we believe our clients value highly.
We are well known for our practical approach to claims; we always aim to settle as quickly and fairly as possible in order to protect your interests.
Finally, we offer the strength and financial security you would expect of a division of the QBE Group, one of the world’s leading insurers. We also benefit from QBE’s global network, which allows us to underwrite risks around the world.
Our Cyber policy protects against the range of risks associated with cyber breaches and provides critical support in the event of an attack.
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Our Directors’ and Officers’ cover protects your senior employees against claims resulting from actual or alleged failings in the carrying out of their duties.
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