The 2005 hurricanes that smashed Gulf of Mexico oil production and refinery facilities also impacted the energy industry's insurance coverage, causing dramatic rate increases and loss of availability, a brokerage expert advised yesterday.
James R. Pierce Jr., managing director and chairman of global marine and energy practice for New York-based Marsh, gave a chilling assessment of the insurance picture for oil and gas risks.
Speaking during a market update discussion sponsored by his company, he said premium increases are up as much as 400 percent and dramatic reductions in capacity are having serious implications for energy producers' risk management strategies.
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