NU Online News Service, July 28, 12:32 p.m. EDT
The explosion of the Deepwater Horizon rig in the Gulf of Mexico has changed sentiment among energy underwriters and will likely lead to new market dynamics, according to a new report by insurance broker Marsh.
However, the report, called "Energy Market Monitor," noted that the oil spill will not have the same market-changing impact on the "upstream energy" market--which writes exposures for the exploration and drilling of oil--as other major events.
Following Hurricane Katrina, for example, the market experienced reductions in capacity and rate hikes, Marsh said.
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