Downstream energy insurers, however, have faced around $3.5 billion in losses this cycle, mostly in the US refining sector. These claims have already equaled market premiums, putting clients with US exposure under greater scrutiny. Energy companies with clean loss histories benefit from favourable renewal terms, while those with prior losses face more conservative underwriting, though rate reductions remain possible. Observed rate reductions range from 10% to 15% on standard renewals to 20% to 50% in competitive tenders.