The explosion of the Deepwater Horizon oil rig in the Gulf of Mexico has changed sentiment among energy underwriters and will likely lead to new market dynamics, according to a recent report by insurance broker Marsh.
However, the report (“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 wells–as other major events.
Following Hurricane Katrina, for example, the market experienced reductions in capacity and rate hikes, Marsh said.
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