2012 MARINE AND ENERGY MARKET UPDATE (Q1)
The energy and marine insurance market can be summed up as relatively “FLAT” but with pressure from recent risk losses plus significant natural catastrophe losses in 2011 (the exception being energy casualty – especially offshore – which has hardened). Not bad, considering 2011 could turn out to be the worst natural catastrophe year on record.
2011—A Year of Natural Catastrophe Losses
Worldwide, 2011 was the second-costliest year for insured losses on record (only eclipsed by 2005 at $123 billion). The 2011 natural catastrophe losses alone have exceeded $100 billion. Specifically, we have had:
- Thailand floods ($13 billion)
- New Zealand earthquake ($13 billion)
- U.S. tornadoes / storms ($21 billion)
- Japan earthquake / tsunami ($35 to $40 billion)