Storm over the oil industry
http://news.ft.com/cms/s/644be470-1983-11da-804e-00000e2511c8.html
By Carola Hoyos and Thomas Catan
Published: August 30 2005 20:13 | Last updated: August 30 2005 20:13
As the 200mph gusts lashing the Louisiana coast subsided on Tuesday, oil companies operating in the Gulf of Mexico were left counting the cost of the latest big hurricane to torment the region.
The four that struck there last year resulted in around $28bn of damage across all sectors, according to Aon, the US insurance company. Premiums climbed for anyone operating in the area – and, following the damage wrought this week by Hurricane Katrina, industry experts expect those to rise further. “It will certainly harden the resolve of underwriters to look for premium increases for the Gulf of Mexico business,” says Tim Fillingham, heads of energy at Aon’s UK arm.
By Carola Hoyos and Thomas Catan
Published: August 30 2005 20:13 | Last updated: August 30 2005 20:13
As the 200mph gusts lashing the Louisiana coast subsided on Tuesday, oil companies operating in the Gulf of Mexico were left counting the cost of the latest big hurricane to torment the region.
The four that struck there last year resulted in around $28bn of damage across all sectors, according to Aon, the US insurance company. Premiums climbed for anyone operating in the area – and, following the damage wrought this week by Hurricane Katrina, industry experts expect those to rise further. “It will certainly harden the resolve of underwriters to look for premium increases for the Gulf of Mexico business,” says Tim Fillingham, heads of energy at Aon’s UK arm.
posted by Marcel at 3:10 PM
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