The principal offshore energy wind renewal season has kicked off with expected rate reductions of up to 20 percent due to the perfect storm of a severely depressed oil price, shrinking demand and extreme overcapacity.
Tropical Cyclone Nathan is expected to strengthen to a severe Category 3 storm before making its third landfall in northern Australia early this week, according to the Australian Bureau of Meteorology.
The onshore energy market is awaiting loss estimates for the fire at Exxon Mobil's Torrance refinery in California, but underwriters said it was unlikely the loss would exceed the energy giant's $500mn retention
The major GE Electric property programme has suffered two UK factory fires in the past year, with the most recent insured loss estimated at $260mn, Inside FAC understands
Aon Benfield Fac has lost both its onshore and offshore energy leaders to rivals, while further GC Fac brokers have left to join Malcolm Payton at Capsicum Re, Inside FAC revealed
Former underwriters from defunct Swiss insurer Infrassure have spawned new energy capacity as they have begun to write fresh books of business elsewhere or have set up their own businesses.
