Munich Re has pushed through premium increases of at least 400% in oil rig reinsurance since Hurricanes Katrina and Rita caused havoc in the Gulf of Mexico.

The reinsurer confirmed its profit targets yesterday despite $1.3bn of losses.

Munich Re said that the most dramatic premium increases had been in offshore energy installations but added that future policy renewals would probably see rises of up to 50% in US property cover and smaller increases in Europe.