Willis Group highlighted concerns over the availability of economic capacity in the energy market in a recent review.
These concerns follow the losses suffered by the marine market due to the devastating effects of Hurricane Ivan on offshore operations in 2004.
The company said: “The continued strengthening of oil prices coupled with increased demands on refinery output and well production rates raises concerns over potential escalation in losses.
“Furthermore the concentration of property values continues to escalate and liability exposures continue to rise, far outpacing inflation and causing grave concern over the ability of the commercial insurance markets to fund peak risk exposures.”
