
TY  - JOUR
A1  - Grierson, W.N. 
A1  - Curtin, I. P. 
T1  - RENEWAL AND RECONSTRUCTION IN WORLDWIDE ENERGY INSURANCE MARKETS&#x2014;TOWARDS A MORE COMPETITIVE 2000
JF  - The APPEA Journal
JO  - The APPEA Journal
Y1  - 1997
VL  - 37
IS  - 1
SP  - 594
EP  - 599
KW  - 
UR  - https://doi.org/10.1071/AJ96039 
N2  - Whilst the over-riding aim of insurance for oil and gas explorers/producers is to provide financial stability to their operations, the recent fortunes of the market, and consequently the availability and pricing of the protection it provides have been more volatile than any objective assessment would allow.Following record underwriting losses in the late 1980s and early 1990s, which quite literally bankrupted a large number of names and underwriters at Lloyds as well as several of the smaller speciality energy insurance companies, the market has been undergoing a period of significant change. This paper provides a &apos;snap shot5 of the current position, including reference to major influential factors such as:the changing structure of the market and the emergence and effect of new underwriting capital;the progress of the &apos;renewal and reconstruction&apos; program at Lloyds-still the undoubted international leader in energy insurance;the increase in capacity of oil industry mutuals and other alternatives to the traditional insurance market;the effects of new technologies on pure risk;the safety imperative worldwide; andglobal loss trends and possible effects of escalating weather-related catastrophes.The paper reaches the conclusion that whilst nothing in the oil industry is certain, the combination of factors currently in play should provide a more competitive and stable energy insurance market for Australian explorers/producers into the year 2000. 
ER  -

