Oil & Gas

The State of the Labor Shortage in the Oil & Gas Sector

Although the oil and gas industry is an integral part of global commerce, it may come as a surprise to many that this industry faces significant challenges, including economic downturns, increasing exploration and production costs, and decreased reliance on fossil fuels. Perhaps the biggest challenge within this industry is that of recruiting and retaining skilled workforces. U.S. Risk Underwriters, a leading specialty lines underwriting manager, knows that to overcome this challenge, the oil & gas industry must take the steps needed to find, train, and retain skilled laborers. By failing to address the labor shortage, energy producers face threats to business continuity, not to mention skyrocketing expenses.

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Oil and Gas Industry Liability

Claims, Hazards, and Trends in the Oil and Gas Industry

The global energy industry is one of the most important parts of the world economy. Consumers and businesses alike depend on the production of oil and gas for transportation, heating, and manufacturing. New oilfields and gas deposits are continually discovered, helping to secure a stable energy future for the world’s producers and those who rely on energy production. The oil and gas industry is known for significant risk exposures, however, and specialty insurance providers like U.S. Risk Underwriters know that insurance claims in this industry can be complex. Here is an in-depth look at some of the potential hazards faced by the energy, oil and gas industry and the trends that are shaping the industry’s insurance future.

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