Energy
Diversified economy helps Kuwaiti insurers but challenges remain
Kuwait’s bid to balance its revenue sources through the development of non-oil sectors, along with more stringent regulation of the insurance market, will have beneficial consequences for the nation’s insurers, according to research by Timetric.
India's banking secretary confirms 20bn rupee energy fund
India’s Banking Secretary Rajiv Takru has confirmed that the country will establish a 20bn rupee (€283m) insurance fund to cover refiners buying crude from Iran.
Floods devastate Argentina's capital
Flash flooding in Argentina has claimed more than 50 lives and halted production at the country’s largest oil refinery.
‘Worrying trend’ for over-regulation making UK market less competitive
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
Munich Re to develop geothermal exploration insurance in Turkey
Munich Re and The World Bank’s International Financial Corporation have agreed to develop geothermal exploration risk insurance in Turkey.
Emerging market megacities will be "gamechanger" says Swiss Re
Eight of the top megacities in the world will be in emerging markets by 2025, according to Swiss Re.
Indian refiners to halt Iranian oil imports
India’s oil refiners may cease crude imports from Iran next month as a result of their inability to access cover due to Western sanctions, the head of its largest refiner has said.
Crawford takes majority stake in energy consultancy
Crawford & Company is to acquire a majority interest in loss consultancy Lloyd Warwick International.
RSA eyes wind farm opportunities after government gives greenlight
RSA has welcomed the government’s decision to approve the expansion of the Kentish Flats wind farm off the Kent coast.
Lancashire produces stable profit despite $44m Sandy loss
Lancashire Holdings saw an increase in gross written premium in 2012 to $724.3m (£475.8m) compared to $632.3m the year before. Its net operating profit slightly increased to $220.3m (2011: $219m) over 2012, and its combined operating ratio was reasonably…
Energy firms face increasing cyber threat exposure: Marsh
Oil and gas firms should brace for a wave of cyber threats according to Marsh, citing convering technological, terrorism and political risks.
BP heads for two-step Deepwater Horizon civil trial
BP is to face a civil trial over the 2010 Deepwater Horizon oil disaster, after talks on a settlement with US authorities collapsed.
Eastern European wind now more 'bankable'
As manufacturer and developer ambitions escalate, Eastern European wind energy projects are becoming increasingly ‘bankable’.
Ace enters Lloyd’s energy market
Ace has launched offshore and onshore energy cover from its Lloyd’s syndicate 2488.
Miller recruits energy specialist
Miller has appointed Lloyd and Partners’ Andy Neve to its energy business in a bid to bolster commitment to client service and business development.
Renewable energies present opportunities worldwide
UK insurers risk missing out on the big economic opportunities of renewable energy, according to Steve Kingshott, RSA's global director of construction, engineering and renewable energy.
Energy changes offer opportunities for insurers
The changing energy landscape will provide new growth opportunities for insurers, according to Swiss Re's latest report.
Aon Benfield warns insurers to consider severe space weather events
Aon Benfield has advised the insurance industry to consider the potential ramifications of a severe space weather event, as solar and geomagnetic activity is predicted to peak in the next 12 months.
Ironshore adds Calnan to international offshore energy team
Ironshore Europe has appointed Paul Calnan to lead its international offshore energy expansion.
European environmental liability options
Environmental damage costs have hit the headlines in recent years and the European Commission is looking at the option of a fund to control them. But, as Sam Barrett finds out, the insurance industry is not the number one fan of this idea.
Questgates joins oil spill response association
Questgates has joined the UK Spill Association as an associate member, becoming the first loss adjuster in its ranks.
Munich Re invests in French onshore wind farms
Munich Re has invested in 32 French wind farms via its asset manager MEAG.
Capita secures government fuel scheme deal
Capita Insurance Services has won a seven-year fuel scheme contract with the Department of Energy and Climate Change.
Willis launches cover for offshore decommissioning risks
The energy industry faces new risks associated with decommissioning and dismantling oil and gas installations when they reach the end of their productive life, Willis Energy has warned.