Willis has warned of a "capacity crunch" for offshore energy risks such as oil rigs.
In its annual energy market review, Willis said that increased demand for insurance and higher sums insured meant that in some areas there was a "capacity shortfall".
The report said that there were "no immediate signs of new capacity coming into the market".
It warned: "Further loss deterioration coupled with a capacity crunch may have the potential to change the whole energy market."
