WATCHING THE WORLD ENERGY INSURANCE HARDER TO FIND

With David Knott from London Major insurance losses take more than 3 years to work through the accounting system. This helped hide recent losses in energy industry underwriting, says insurance broker and risk adviser Sedgwick Energy Ltd., London. Recent major losses included $1.4 billion on the Piper Alpha platform explosion in the U.K. North Sea in July 1988 and $1.3 billion for the Phillips Petroleum Co. petrochemical complex explosion at Pasadena, Tex., in October 1989.

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