Markel Insurance Launched Property Offering for Energy Firms

The new CORE insurance product provides U.S. energy businesses with up to $50 million in coverage.

Updated on Oct. 8, 2026 in Insurance

An industrial oil refinery facility with steel piping and storage tanks under a clear, bright sky. — Markel Insurance launched CORE, a new property insurance program offering up to $50 million in coverage for U.S. oil and gas businesses. AI Illustration. Upload story photo >

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Markel Insurance has introduced a new property insurance offering designed specifically for small to midsize U.S. businesses in the chemical, oil, and gas sectors. The program provides coverage for natural disasters and operational interruptions with limits reaching $50 million.

Why it matters

The offering addresses the growing need for specialized protection against complex energy-sector risks, including earthquakes, windstorms, and floods. It serves to stabilize businesses facing operational disruptions and evolving natural catastrophe exposures.

The new insurance product offers limits up to US$50 million on both a primary and excess-of-loss basis. This coverage provides financial protection against property damage and business interruptions for onshore energy risks.

The players

Markel Insurance

Markel Insurance is an international financial holding company that specializes in insurance, reinsurance, and investment operations around the world.

Candice Walker

Candice Walker is the Head of First-Party Energy at Markel and has 20 years of professional experience in the property insurance sector.

Michael McClain

Michael McClain is the Senior Underwriter for Energy at Markel based in Texas who previously managed technical operations at Tomorrow RNG.

The details

This insurance product, named CORE, assesses and prices onshore energy risks for U.S.-domiciled companies. The underwriting team responsible for the product coordinates directly with existing Midstream and Downstream teams to integrate these new solutions into the company's portfolio.

Candice Walker joined Markel in 2015.
Markel launched the CORE offering on October 8, 2026.

Market Dynamics

The launch of this specialized energy product follows the trend of insurers creating more granular, high-limit policies to address the rising frequency of industrial natural disaster claims. This move helps Markel better compete against sector-specific rivals by offering dedicated protection for the volatile energy market.

Business owners in the chemical, oil, and gas sectors can now access higher-limit insurance coverage to protect their physical assets and daily operations. This development provides these companies with additional financial security against potential disasters and supply-chain interruptions.

The takeaway

Energy companies should review their current catastrophe coverage to determine if high-limit property plans better suit their risk profiles. Utilizing specialized underwriters allows firms to gain more tailored protection against specific environmental and operational threats.