Liability rise from $75m to $10bn will leave just three drillers
PFC Energy says raising the liability cap in the Gulf on Mexico from $75m to $10bn will make insurance so expensive 100 small operators will pull out, leaving just BP, Shell and ExxonMobil, the FT reports.
The PFC report says:
- Raising the cap to at least $10bn appears inevitable
- Smaller operators will be priced out by higher insurance rates and impractical bond options
- Operators with large shareholder equity can establish self-insurance. Companies such as Shell and ExxonMobil could benefit as small firms exit.
- Small operators may need to band together under a form of group insurance.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
