Throwback Thursday: North Sea disaster; bullion raid
Insurance Post’s Throwback Thursday steps back in time to April 1980 to remind you what was going on this week in insurance history, when heavy claims were expected following a North Sea disaster and the cost of a bullion raid was being counted.
3 April 1980: Heavy claims follow North Sea disaster
Heavy insurance claims were expected after an oilfield accommodation rig in the Norwegian section of the North Sea capsized.
Reports indicated the rig’s hull value at nearly £16m.
It was thought the rig was insured through the Norwegian Oil Pool and reinsured 60% in the London Market among Lloyd’s and various companies.
£4m loss in bullion raid
Insurers were biting their nails after thieves hijacked a lorry load of £4m silver ingots by faking a traffic-census checkpoint.
The silver was on its way from a firm in Tooley Street, near London Bridge, to Tilbury, and was destined for East German trading interests.
The bullion was insured with the East German state insurance company Deutsche Auslands und Rückversicherungen, but it was uncertain whether this covered transit.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Commercial
Managing the ‘forever risk’ of PFAS
How PFAS, often called “forever chemicals”, is creating one of the most complex and far-reaching environmental risks for insurers today is the topic of the latest Insurance Post Podcast.
Axa merges UK retail and commercial units under one CEO
Axa UK & Ireland is combining its retail and commercial arms under a single structure, called Axa Insurance UK.
Tide expands SME offering
Tide has launched six commercial insurance products targeted at SMEs.
Aviation war market steady but wary of Iran risks
Aviation insurers are seeing fewer notices to clients under war policies than their peers in marine amid the Iran War, according to the International Underwriting Association.
LMA warns safety fears choking Hormuz not insurance
The Lloyd’s Market Association has hit back at ongoing reports vessels are avoiding the Strait of Hormuz due to cancelled or unaffordable insurance.
Is it Time:To get some new business cards for Biba 2026?
Content director’s view: With vinyl now as popular as it was in the 80s and Pokémon never being more collectible, could physical business cards make a comeback? Jonathan Swift points to recent evidence to indicate this may be the case, but is still on the fence whether to get some printed for Biba 2026.
Intact bringing US surety play to UK market
Intact Insurance is bringing its North American surety proposition to the UK as part of wider ambitions to scale its specialty lines business, hiring former Allianz Trade head of surety and guarantee David Weale to lead the expansion.
Throwback Thursday: Cila conference cancelled; OJ denied
Insurance Post’s Throwback Thursday steps back in time to March 1996 to remind you what was going on this week in insurance history when the Chartered Institute of Loss Adjusters pulled the plug on an event and an insurer said no to OJ Simpson.