Energy insurers have sustained their worst loss year ever, but the market is capable of weathering the storm according to the latest analysis by London-based Aon Limited insurance brokerage.
The company said losses in the energy insurance market are largely a consequence of two events. It said the fire at the Suncor oil sands plant in Alberta Canada, in January had generated a market loss in excess of $1.3 billion.
Aon said it estimates Gulf of Mexico losses from Hurricanes Katrina and Rita will cost energy insurers from $3.5 billion to $ 5 billion.
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