Global investors are asking energy companies for their oil spill prevention measures, but they are also querying insurers, suggesting a more active loss control role for the industry in response to the BP Deepwater Horizon disaster, according to CERES, a network of investors and environmental groups.
CERES said in a recent conference call that letters–signed by 58 global investors with collective assets totaling more than $2.5 trillion–were sent to chief executive officers at 27 oil and gas companies. Those who signed the letters include the New York State comptroller, California state treasurer, Florida State Board of Administration and the U.K.-based Local Authority Pension Fund Authority Forum.
Sharlene Leurig, Insurance Industry Program senior manager at CERES, told National Underwriter that letters were also sent to insurers that have been named as having sustained some amount of loss from the BP oil spill. One of the recipients–Lloyd's–reportedly incurred the highest losses, estimated at $600 million.
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