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| Energy Insurance Market Suffers Worst Year On Record 2005 has been the worst year on record for the energy insurance industry, but the market is capable of weathering the storm according to Aon Limited, leading insurance broker and risk management consultant. Losses in the energy insurance market are largely as a consequence of two key events: The large loss at the Suncor Canadian oil sands facility, which occurred in early 2005 and generated a market loss in excess of US $1, 3 bn The significant losses pursuant to hurricanes Katrina and Rita in the Gulf of Mexico, which Aon estimate will cost the energy insurers from US $3, 5 bn to US $ 5 bn Alongside this, the energy insurance mutual OIL is widely predicted to post losses in the order of US $1, 75 bn to US $ 2, 0 bn for the year - of which US $1bn from Katrina alone. write your comments about the article :: © 2005 Construction News :: home page |