The oil and mining industries make up around a third of demand for credit and political risk (CPRI) insurance, but that is set to change as interest in renewables rises, according to broker BPL Global.

The company, which specialises in CPRI for multinational corporations, banks and financial institutions, says that last year 2474 of its enquiries, or 35%, related to the oil, mining, metals and extractive industries.

That reflected industry/sector “concentration risk” for CPRI insurers, the London-based broker says.

“We can expect the CPRI market to continue to diversify away from its traditional bedrock,” MD Sian Aspinall says in the company’s latest market report.

It predicts increased demand over the medium-to-longer term for insurance products which support renewable energy and related infrastructure projects.

With many insurers now “closed” to coal-related risk, trends in CPRI are poised to develop in new ways over the next few years.

Risks faced by insurers continue to evolve, BPL says, with civil unrest in Hong Kong and Chile being examples. Regulatory risk persists and the firm has added a dedicated legal resource to its team to help it address this challenge.

General insurance is witnessing hardening conditions and the market “cannot rest on its laurels”, Ms Aspinall says.