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Gulf of Mexico insurance availability is tightening

02/23/2009
Oil and gas companies need to very precise this year regarding their insurance needs for Gulf of Mexico operations because insurance providers report that their own financial returns are severely squeezed after a number of hurricanes in recent years.“This has really tested insurers and resulted in unprecedented uncertainty in the insurance market,” said Paul Dawson, energy underwriter at specialist insurer Beazley Group PLC of London. “Insurers at the moment are very nervous.”A series of exceptional insurance losses started with Hurricanes Ivan in 2004 and Hurricanes Katrina and Rita in 2005. Hurricanes Gustav and Ike in 2008 caused still more losses.The withdrawal...
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