Energy executives have sharply revised how they view their insurance providers, with 86% now describing insurers as strategic partners and advisers across the lifecycle of energy projects, compared with 56% a year earlier.

This 30-point jump that underscores how rising risk complexity is reshaping the relationship, as per a survey from AXA XL.

Two-thirds, or 67%, of respondents expect insurance to become more important to their business over the next two years, citing extreme weather events and tightening regulatory requirements.

More than half, at 52%, said oil and gas would remain part of the future energy mix needed to meet rising global electricity demand, nearly double the 28% recorded in the prior year's survey.

The swing mirrors a wider reset in long-term forecasts. The International Energy Agency's Electricity 2026 report projects gas-fired generation will grow by an average of 2.6% a year through 2030, well above the 1.4% annual pace seen over the past five years.

Modelling by Resources for the Future finds natural gas could account for as much as 28% of the global energy mix by 2050 under Bloomberg New Energy Finance's Economic Transition Scenario.

Previously reported, a Middle East supply shock in March sent global oil supply plummeting by 10.1 million barrels a day, according to the IEA's April 2026 Oil Market Report, with physical crude briefly touching record levels near $150 a barrel.

Cybersecurity climbs the risk agenda

Cybersecurity was ranked among the leading risks by 50% of respondents, reflecting the exposure created by increasingly digitalised energy infrastructure. Operational and regulatory risks followed closely behind.

Research cited by the US National Renewable Energy Laboratory found 71% of energy professionals in 2025 said their organisations faced greater vulnerability to operational technology cyber incidents than ever before, up from 64% in 2023.

Honeywell data referenced by broker Lockton showed ransomware attacks involving industrial operators rose 46% between the fourth quarter of 2024 and the first quarter of 2025. Munich Re expects the global cyber insurance market to reach $16.3 billion in 2025.

On the renewables side, 42% of respondents pointed to policy and regulatory barriers as the main obstacle to growth over the next five years. Support for a fair transition to a decarbonised economy held steady at 81%, against 82% previously.

Captives step up on renewables

Separate research from AXA XL, Aon and Captive Intelligence found captives playing a growing role in financing renewables growth. The renewable energy insurance market was valued at $18.96 billion in 2025 and is forecast to reach $20.03 billion in 2026.

The IEA projects global renewable capacity will expand by 4,600 GW by 2030, with solar photovoltaic technology accounting for nearly 80% of that growth.

Vicky Roberts-Mills (pictured above), global head of energy transition at AXA XL, said the sector had reached a pivotal point and that energy leaders now regarded insurers as strategic partners "integral to their success."

"As we navigate the complex challenges of cybersecurity, extreme weather resilience, and operational safety, we believe that collaboration, innovation, and comprehensive risk management across the entire asset lifecycle are the keys to unlocking the potential of the future energy mix," she said.