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Offshore Energy Insurance Market Recovering From Hurricane Katrina

Prices seen flattening for offshore risks, but declines are at least two years

By Steven Tuckey | Updated on February 25, 2007

No commercial insurance sector showed a greater Hurricane Katrina price-spike than energy, particularly with all those offshore installations ripe for the plucking. Nearly a year-and-a-half after the event, however, the market is returning to what might seem to be a new normalcy, even though the next such occurrence could be just one season away.

Thomas G. Kaiser, New York-based executive vice president at the Special Risks Division of Arch Insurance Group, said he sees a flattening of pricing for the offshore market following the great spikes of 2006.

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