Energy casualty rates rise around the...
July 30, 2010
THE fallout from the Deepwater Horizon disaster is causing rates for offshore energy casualty business across the globe to increase. The Lloyd’s and London markets are the global leaders in writing energy business, and as such, the trends that dominate these two markets tend to be replicated in other markets across the world. After the Deepwater Horizon went up in flames in April, causing an oil spill to pour out into the Gulf of Mexico, insurers in London’s square mile pushed up their rates for energy casualty cover, and according to Peter Leahy, Lockton’s managing director for energy, the rest of the world has followed suit: “Anything of any size comes into London – that dominance of the London market has meant that while there are exceptions to the rule, [the market] is hardening. If it’s wet and offshore oil and gas...