Post-BP spill Tom Bolt to demand price rises of cover cuts

Lloyd’s director of performance management Tom Bolt has demanded members intending to write energy policies in 2011 resubmit their plans in the wake of the BP/Transocean Deepwater Horizon accident, the Telegraph reports.

Lloyd’s regulators believe rates will have to rise by multiples of present levels, the paper says.

Ben Cohen, insurance analyst at Collins Stewart, said that he had met Bolt and that he had said he “was going to push back on volume and pricing at the September planning cycle.”

Cohen said that it was quite unusual for Lloyd’s to ask insurers to resubmit their business plans. He thought the last time that it happened was after the 9/11 terror attacks in America.