While the ongoing BP Deepwater Horizon disaster in the Gulf of Mexico initially was seen as having little effect on the London market because BP is self-insured, in the long term the impact could be positive as offshore oil operations in particular face tighter regulations and potential coverage vulnerabilities are more readily apparent, according to experts across the pond.

“I think it’s a wakeup call,” said Paul Jack, executive chair of Lockton International’s risk solutions division, as well as chair of Lockton Re in London.

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