Insurance News


Nord Stream Sues Insurers in London Over 2022 Pipeline Blasts

Mar 12, 2024

Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.Nord Stream AG names Lloyd's Insurance Company and Arch Insurance (EU) DAC as defendants in its lawsuit, which was filed at London's High Court last month.Switzerland-based Nord Stream confirmed in an email…

Offshore Operators Face Big Ida Losses as Insurers Trim Cover

Sep 09, 2021

Offshore energy firms are likely to face greater financial losses from Hurricane Ida than from previous storms in the Gulf of Mexico, because of reduced coverage offered by insurers, risk modeling firm RMS said on Thursday.Ida, one of the most powerful hurricanes ever to strike the area…

New Zealand Raises Oil Spill Insurance Requirements

Jun 15, 2020

New Zealand's maritime safety authority has greatly increased the insurance cover or other financial security that owners must have to cover marine oil spills from their offshore installations.Under recent amendments to the Marine Protection Rules Part 102…

IUMI Reports Cut in Offshore Insurance Premiums

Sep 20, 2019

International Union of Marine Insurance (IUMI) Offshore Energy Committee reported a further reduction in global offshore energy premiums.Global premiums in this sector were reported to be USD 3.4 billion which represented a 3% reduction from 2017…

West of England P&I Club Eyes Offshore

Jul 24, 2019

The West of England, a leading A-rated mutual marine insurer, has announced the appointment of a key strategic hire to support its strategy of expansion in the offshore market.Will Tobin will join the Club in July to head up its offshore business…

Pipelayer Blast Injures 14

May 09, 2019

An explosion has struck an oil-industry vessel in the Caspian Sea, injuring 14 people, the ship's operator, Italian engineering firm Saipem, said on Thursday.The ship, the Israfil Huseynov, was involved in maintenance work linked to the Shah Deniz II project…

UK P&I Club Rolls-out Offshore Cover

Oct 16, 2018

British ship insurer UK P&I Club has launched offshore cover providing a comprehensive package to meet liabilities and losses incurred by MembersThe UK P&I Club, in conjunction with Thomas Miller Specialty Offshore (TMSO), has launched a range…

Fire in Sauna Shuts World's Northernmost Oilfield

Apr 13, 2018

The world's northernmost oilfield was shut on Friday when a fire broke out in a sauna in the oil platform's living quarters, Eni, the Italian oil company that operates the field, said. The Arctic Goliat field is in the Barents Sea about 88 kilometers…

Tullow confirms Jubilee insurance cover

Sep 23, 2016

Tullow Oil says its hull and machinery insurance cover has been confirmed for the floating production, storage and offloading unit Kwame Nkrumah by its reinsurers, following the failure of the turret bearing earlier this year. Tullow first experienced issues at the FPSO…

Offshore cable claims reach US$67 million

Jun 15, 2016

Incidents relating to the installation and operation of high voltage subsea cables are the costliest cause of financial losses in the global offshore wind industry and led to insurance claims totaling more than US$67 million (€60 million) in 2015…

Getting risk management right

Mar 27, 2014

Getting offshore risk management wrong can prove disastrous, but how easy is it to get it right?  Insurance professional Robert Armstrong is hoping to demystify some of the issues in a talk organised by Aberdeen’s SPE Young Professionals on 2 April…

Managing frontier risks

Dec 03, 2013

Strategic decision-making in the boardroom is vital for those operating on the new frontiers, a new report says. Elaine Maslin reports. “A single event can transform the fortunes of an entire industry,” warns a recent report on frontier hydrocarbon exploration…

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