NU Online News Service, Sept. 13, 1:31 p.m. EDT
MONTE CARLO--With the Deepwater Horizon disaster still looming over the industry, insurers must be able to better deal with losses and damages arising from offshore drilling operations, Munich Re said in a press conference here.
The reinsurer said its new concept for insuring offshore oil drilling has the potential to create coverage of about $10 billion to $20 billion per drilling operation in the international insurance market.
With the increasing scarcity of fossil fuels and growing demand for energy, exploratory drilling, now deep below the earth's surface and often far below sea level, has become more risky, Munich Re board member Torsten Jeworrek said.
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