International Union of Marine Insurance
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1 International Union of Marine Insurance MINUTES OF THE IUMI ENERGY & OFFSHORE COMMITTEE HELD ON SUNDAY 13 SEPTEMBER 2009 IN BRUGES There were present: Frank Costa (Chairman) Jan-Hugo Marthinsen Christopher Wildee Mel Causer Yoshihiro Tsuchiya Simon Williams Richard Harries Mohamed Khalifa Olivier Perraud Etienne Haenecour Neil Smith (Executive Committee) (Secretary) Prior to the formal start of the meeting, Committee members were reminded of the IUMI Policy statement with regard to competition legislation and the relevant regulations and limitations under which IUMI Technical Committees operated. The IUMI Statement in this regard was read to Committee Members. 1. COMMITTEE CONSTITUTION The Chairman welcomed Olivier Perraud, who was attending his first meeting since being appointed to the Committee. 2. IUMI BRUGES WORKSHOP PROGRAMME The Committee reviewed the Bruges Workshop. It was noted that all speakers had confirmed their attendance and been accounted for. The Workshop would open with some comments from the Chairman which would cover the current membership, an overview of the Lloyd s ET/EW Results, a review of market developments over the past year an outline of some industry issues and an introduction to the Workshop Topic which was Have We Lost Sight of Indemnity? The Committee reviewed the presentation presented by the Chairman and agreed the content, particularly in relation to the issues of windstorm cover in the light of the low level of windstorm activity to date in It was noted that the purchase of windstorm cover was significantly down (estimated 30/40% reduction) with a commensurate reduction in income for insurers.
2 The Committee discussed the impact of the global economic downturn. This had led to a collapse in oil prices, but the exploration for oil was continuing mainy through major national companies. Smaller companies were more heavily impacted. Within this context it was agreed that reference should be made to possible crewing levels and quality of crews in an environment where operators might be looking to reduce costs. With regard to changes in property values it was recognized that in many cases new technologies meant that productivity of units was being extended, often far beyond the equipment s originally planned lifespan, with potentially serious long term consequences for insurers. A copy of the Chairman s comments, incorporating agreed changes, is attached to these minutes. Turning to the individual speaker presentations, committee members were concerned that the draft of the Control of Well presentation seemed overlong. It was agreed that a committee member would go through the presentation with the speaker to ensure that the slides were adjusted appropriately. In addition to the COW presentation there would be a presentation on proper contractual limitations, using WELCAR, and a presentation on the implications of the use of various wordings and forms, particularly in unfamiliar jurisdictions. These presentations would be followed by a Panel discussion. It was agreed that the Panel should comprise the Workshop speakers, the EO Committee Chairman and Jan Hugo Marthinsen. Simon. Williams agreed to Moderate the Panel session. 3. ENERGY MARKET REPORTS Members discussed a number of developments across the global energy insurance market. It was noted that a number of US domestic carriers were prepared to write on 100% basis. While major oil companies were looking for and concerned about the financial stability of their insurance carrier, some clients seemed only driven by price in their choice of carrier. It was noted that verticalisation had become more of an issue within the energy sector, driven in some cases by the European BIPAR initiatives.
3 Energy and Offshore Committee IUMI Conference Bruges, September 2009 Frank Costa Chairman
4 Energy and Offshore Committee Chairman s Report Committee membership Lloyd s offshore underwriting statistics Market overview Market issues Workshop introduction
5 Energy and Offshore Committee Membership Frank Costa (Chairman) Mel Causer Olivier Perraut Jan Hugo Marthinsen Simon Williams Yoshihiro Tsuchiya Christopher Wildee Mohamed Khalifa W.R. Berkley, USA Zurich, USA Scor, France Gard, Norway Hiscox, UK MSI, Japan Chaucer, Singapore Misr, Egypt Etienne Haenecour (EC Liaison) Avero, Belgium Neil Smith (Secretary) LMA, UK
6 Energy Lloyd s Market Statistics Offshore Physical Damage/Control of Well Underwriting Year Basis Net of Acquisition Costs Before Reinsurance Costs/Recoveries Actual NOT Ultimate Figures Representative of Worldwide Market
7 Energy Lloyd s Market Statistics Premium 1,000,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 0 Premium Amount Gross ILR Year of Account 400% 350% 300% 250% 200% 150% 100% 50% 0% Percentage Risk Codes ET and EW
8 Upstream Operating Underwriting Capacities Excluding Gulf of Mexico Windstorm 4,500 4,000 3,500 3,000 US$m 2,500 2,000 1,500 1, Source: Willis
9 Market Capacity Capacity increases for fourth year running Working capacity at 2.5 Billion New technology is testing the market capacity Windstorm capacity continues in short supply
10 Energy Insurer Capacities / Average Rates Excluding Gulf of Mexico Windstorm Source: Willis
11 Issues 2009 Hurricane Season No activity, as of now Significantly less wind insurance purchased Longer term view of wind cover How will the industry make up the wind deficit?
12 Issues Global Economic Downturn How is it Affecting Our Industry? Oil price levels off North American natural gas price collapse Drilling rigs layed up Potential Impact on staffing levels and quality. Major offshore development continues
13 Issues Valuation of Property RCV / ACV / Agreed Value, which is it? Special issues with aging properties Are underwriters first lossing themselves?
14 Energy and Offshore Committee 2009 Workshop Have we Lost Sight of Indemnity? John Harris Braemar, Steege David Noble Smith Noble Smith Associates Thane Pitt Roche Tim Taylor Barlow, Lyde, and Gilbert Panel Discussion
15 Energy and Offshore Committee 2009 Workshop Takeaways: Have We Lost Sight of Indemnity? Perhaps, Yes Don t Just Focus on Rates and Deductibles Be SURE of the Wording You are Using.
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