Swiss Re Corporate Solutions has announced that it has received a licence from the Dubai Financial Services Authority (DFSA) to operate in the Dubai International Financial Centre (DIFC).
A new offshore well liability cover has been launched by Munich Re in an effort to create a new level of risk coverage for catastrophic oil spill following well blow outs.
The insurance industry must meet the growing challenge of the systemic risk for the benefit of both the underwriters and their clients delegates were told on the opening day of the Seminar.
Marine and energy underwriters in the Lloyd’s market he said they will continue to push for further talks with U.S. politicians over the liability limits for oil pollution.
Houston Marine Insurance Seminar Chairman Steve Weiss welcomed delegates to Houston with the message that this year the key theme is one of transition both for the industry and the risks it is asked mitigate.
As the debate over the ongoing moratorium on offshore drilling continues, a leading loss adjuster has said the decision to move many rigs from the Gulf of Mexico to other areas of the world where they can operate is creating new risk for underwriters to consider.
As the debate over the ongoing moratorium on offshore drilling continues a leading loss adjuster has warned the departure of rigs and equipment from the Gulf of Mexico will impact the ability of market to return to normal after it is lifted.
Gordon McBurney, President and Chief Underwriting Officer, Liberty International Underwriters will deliver the keynote address tomorrow and he says the market could not be meeting at a more opportune time as it stands at a crossroads.
The Deepwater Horizon loss has been described as the offshore energy market’s “perfect storm” and one which will have long lasting implications for the future global offshore market.
Whatever the level of third party liability coverage that U.S. legislators decide on in the amendment of the Oil Pollution Act the insurance industry will be asked to pick up the tab.
While the financial crisis coupled with a fall in the costs of oil and gas has seen a sharp drop downturn in offshore rig utilisation rates in all exploration and production areas of the world, claims are still on the rise according to the International Union of Marine Insurance (IUMI).
The well, located in Keathley Canyon block 102, approximately 250 miles (400 kilometres) south east of Houston, is in 4,132 feet (1,259 metres) of water.
The importance of the USA’s oil and gas industry has been put sharper focus in a new study commissioned by the American petroleum Institute which shows the industry supports 9 million American jobs.
The rise in the use of floating platforms in the Gulf of Mexico and other offshore fields will see a leading executive from one of the world’s leading P&I Clubs urge firms to check their wordings.
The offshore energy market has been warned that unless it meets the challenge of how to price catastrophe risks, particularly in the Gulf of Mexico capital providers will start to shun the sector.
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