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Energy insurance premiums will rise.
(From Lloyds List)
Byline: James Brewer
OFFSHORE energy insurance premiums are at a turning point after Hurricane Ivan caused damage estimated at between $750m and $1bn in the Gulf of Mexico.
Experts in the London market, which provides most of the cover for operators in the area, forecast clear but unspectacular rises in their sector from now on.
They said that reductions that the market has been offering are coming to a halt, and small rises on some accounts have already begun.
The upswing is highly unlikely to be anything like that which followed the loss of the Brazilian platform P-36 in March 2001, but, said one analyst: 'These losses have focused minds.''
They have emerged sufficiently ahead of the January renewals to herald some tough bargaining, where only operators with good claims records are likely to be spared a marked rise in premiums.
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