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News - Katrina: "wishy washy" info.
(From Post Magazine)
Byline: Ed Vinales and Ralph Savage.
UK insurers with large international energy exposures in the Gulf of Mexico could be hit, following last weekend's strike by Hurricane Katrina.
Early estimates put the total damage as high as $25bn (GBP14bn) but sources at broker Heath Lambert said information was "wishy-washy" at the moment.
Eqecat, the damage risk assessor, put estimates between $9bn and $16bn but this does not include offshore damage.
Three oil refinery units were believed to be at risk at the time of going to press. However, Paul Riches, chairman of London-based energy risk management and insurance consultants Longdown Associates, added: "It is too early to even guess at the extent of damage to the offshore installations and mobile drilling units in the affected area of the Gulf. Units were evacuated in advance of Katrina and inspection flights by helicopters and fixed-wing aircraft probably couldn't take place until Tuesday."
Mr Riches added that insurers have learnt lessons from 2004's devastating Hurricane Ivan: "Given underwriters' experience with Ivan, in addition to physical ...
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