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Editorial - That didn't hurt!
(From Reinsurance)
Byline: Mark Geoghegan, editor, mark.geoghegan@incisivemedia.com.
Dear friend,
The toughest and most exciting renewal season for five years has come and gone, and now it's time to sit and take stock. The trouble is that it's all turning out as I expected.
Yes, we got the wholesale restructuring of offshore energy business in the Gulf of Mexico, and separate windstorm aggregates and sub-limits have made their way onto many programmes, but the bad news is that the class of 2005 have yet to get out of the starting blocks, and what small generalised rate rises that have been achieved could easily be reversed as the year progresses, especially if the orderly retreat from writing Gulf of Mexico wind exposures turns into a scramble.
The features in this issue go into much more detail, but the situation in today's market reminds me of that odd 'phoney war' period of denial that engulfed us in the first two months after Katrina made landfall. At that time, I spoke to several reinsurers who were anxious to talk up their game ahead of the renewal season, but they sounded deeply unconvincing.
Then, the motto was: "No, it doesn't look like being a balance-sheet issue, but it does look like rates are going to rise across the board. This is a market-changing event, you know."
- Fewer deepwater wells drilled in US Gulf, but success rate rises.
- Newspaper article from: The Oil Daily Kelly, Andrew April 12, 2006 700+ words
...exploration wells drilled in the deepwater Gulf of Mexico fell sharply last year, but...oversees oil and gas exploration in the US Gulf (OD Jan.5,p1). The biggest of last...said all the evidence indicates that the Gulf of Mexico still has a lot of exploration...
- Number of rigs falls to record low as utilization rate rises, survey finds....
- Newspaper article from: The Oil Daily Fletcher, Sam October 4, 1996 700+ words
...reported increases in rig rates. It's even better in the Gulf of Mexico, where utilization is at 94.9% among jackups and...day rate, please press 1. If you want an offshore rig in the Gulf of Mexico during the fourth quarter, please hang up now...
- Jobless Rate Rises in August in Hampton Roads, Va., But Remains Healthy.
- Newspaper article from: Knight Ridder/Tribune Business News October 6, 2001 700+ words
...deployment overseas would cut the area's population and, therefore, consumer spending. Layoffs could follow. During the Gulf War in 1991, the Hampton Roads unemployment rate ranged from 5 percent to well over 6 percent. A call-up of locally based...
- INTEREST RATE RISES AGAIN FED SAYS INFLATION, NOT KATRINA, IS ECONOMY'S TOP...
- Newspaper article from: Wisconsin State Journal (Madison, WI) September 21, 2005 700+ words
...statement -- issued after its closed-door meeting -- was devoted to looking at the economic impact of Katrina, which slammed the Gulf Coast in late August, knocking out oil facilities and destroying businesses, homes and lives. High energy prices made worse...
- September inflation rate rises the most since `74.
- Newspaper article from: Chicago Tribune (Chicago, IL) Neikirk, William October 18, 2005 700+ words
...reported Tuesday. Most experts had expected only a 1 percent increase in wholesale prices after hurricanes Katrina and Rita damaged Gulf Coast energy facilities. Over the next few months, analysts said, energy prices likely will become more moderate and bring...
- NE Miss. unemployment rate rises.
- Newspaper article from: Northeast MS Daily Journal (Tupelo, MS) September 30, 2005 700+ words
...said Wednesday that the state rate rose to 7.0 percent, up from July's 6.7 percent. With Hurricane Katrina battering the Gulf Coast in the latter part of the month, those figures are expected to rise in September, particularly for the Coast counties...
- U.S. Poverty Rate Rises; Houston Agencies Say Requests for Help Up Sharply.
- Newspaper article from: Knight Ridder/Tribune Business News September 25, 2002 700+ words
...increased dramatically this year. In 2001, 22 percent of calls to a referral service provided by the United Way of the Texas Gulf Coast were for such basic needs as food, clothing and utility bills, United Way spokesman Mario Gomez said. That number rose...
- Winds fail to stem US rate rises.
- Newspaper article from: The Evening Standard (London, England) October 20, 2005 700+ words
...conditions reports "moderate or gradual" growth across the country in September. It says the halting of oil production in the Gulf of Mexico - the main economic effect of Katrina and Rita - led to higher energy costs that have fed through to the wider economy...
