No commercial insurance sector showed a greater Hurricane Katrina price-spike than energy, particularly with all those offshore installations ripe for the plucking. Nearly a year-and-a-half after the event, however, the market is returning to what might seem to be a new normalcy, even though the next such occurrence could be just one season away.
Thomas G. Kaiser, New York-based executive vice president at the Special Risks Division of Arch Insurance Group, said he sees a flattening of pricing for the offshore market following the great spikes of 2006.
New annual aggregates and limits for wind risk will help soften the blow for the industry should 2007 turn out to be a repeat of 2005, with the double whammy of Katrina and Rita that struck energy facilities.
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