Despite Big Losses, Market Relatively Flat for Energy Insurance Buyers

Posted by Bobby Bierley, Jr. and John Rathmell on May 4, 2012 under Energy, Marine, Risk Management | Be the First to Comment

2012 MARINE AND ENERGY MARKET UPDATE (Q1)

The energy and marine insurance market can be summed up as relatively “FLAT” but with pressure from recent risk losses plus significant natural catastrophe losses in 2011 (the exception being energy casualty – especially offshore – which has hardened).  Not bad, considering 2011 could turn out to be the worst natural catastrophe year on record.

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2011—A Year of Natural Catastrophe Losses

Worldwide, 2011 was the second-costliest year for insured losses on record (only eclipsed by 2005 at $123 billion). The 2011 natural catastrophe losses alone have exceeded $100 billion. Specifically, we have had: 

• Thailand floods ($13 billion)
• New Zealand earthquake ($13 billion)
• U.S. tornadoes / storms ($21 billion)
• Japan earthquake / tsunami ($35 to $40 billion)

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Co-Authors Spotlight

Bobby Bierley, Jr.

Vice President – Energy & Marine

Bobby Bierley works in all aspects of design, marketing, structure and placement of complex casualty and property programs for large energy and marine accounts. Over Bobby’s career, his technical expertise has been refined by the negotiation and placement of multiple lines of coverage during and post major hurricanes for Gulf Coast energy facilities and the negotiation and placement of several hundred million dollar M&A transactions.

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John Rathmell

President, Lockton Marine & Energy

John joined Lockton in October 2001, he oversees the development and growth of Lockton’s Marine and Energy group, as well as maintains a direct role in servicing and marketing accounts. With his 32 years of experience, John brings a unique blend of work experience and knowledge in oil and gas, utilities and power, transmission, processing, refining, storage, and energy service.

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