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2020 definitely blew…But why no offshore hurricane claims?

11 May 2021

Online
2020 definitely blew…But why no offshore hurricane claims?

CPD Certified

1 hour's CPD can be claimed for this event if relevant to your learning and development needs.

In this IIL marine & energy webinar, James Vavasour and William Cho will look back on the 2020 Gulf of Mexico Hurricane season, the reasons why it was such an active season and why there were so few physical damage losses emanating from the offshore oil patch. 

Description

2020 was one of the most active storms on record with four major hurricanes impacting many of the 1,862 platforms in the Gulf of Mexico. Unlike the catastrophic years of 2005 and 2008 there have been very few insurance claims emanating from these storms. This has led to many questions from insurers and insureds as to what the future demand for GOM named Windstorm insurance will look like and is the asset base now able to withstand these hurricanes.

2020 definitely blew…But why no offshore hurricane claims?

In this session, William Cho will give a summary of the 2020 season and the meteorological features of the windstorms themselves. James will then examine why the assets were not as badly impacted as years gone by, before examining whether the assets are better engineered now to withstand hurricane forces or if it’s the case that the assets that weren’t able to withstand such forces are no longer there.

The speakers will then wrap up with a prediction for the 2021 season, having predicted the 2020 season exactly, the pressure is on for a repeat!

Gain an insight into

  • Meteorological features of hurricanes
  • How they impact oil & gas assets in the Gulf of Mexico
  • The risks associated with insuring assets in the Gulf of Mexico

Speakers

Details

Date:
11 May 2021
Time:
3:00pm - 4:00pm BST
Category:
, ,

Venue

This is an online event

Organiser

The Insurance Institute of London (IIL)
Phone:
+44 20 7600 1343
Email:
Iil.london@cii.co.uk
Website:
https://www.iilondon.co.uk/home/

Other

CPD text
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
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