Energy insurers, with the lessons of the 2005 hurricane season behind them, are in a better position to withstand losses from offshore energy fields, according to a brokerage expert.
Bruce A. Jefferis, resident managing director, Aon Risk Services, Natural Resources Group, a unit of Chicago-based insurance broker Aon Corp., said, "Underwriters believe that with all of the changes in exposure and underwriting methods and rating, the insurance industry can weather, so to speak, a major storm without sustaining a marketwide underwriting loss."
He commented as some energy companies were involved with personnel evacuations at offshore platforms as a precaution against Tropical Storm Gustav, which was expected to elevate to hurricane strength and move into their vicinity in the Gulf of Mexico.
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