2020 definitely blew…But why no offshore hurricane claims?
In this IIL marine & energy webinar, James Vavasour and William Cho looked 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. The speakers also discussed if the lack of damage is a future trend given the quality of assets in the Gulf of Mexico and a brief prediction of what the 2021 season may have in store.
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.
In this session, William Cho gave 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 wrapped up with a prediction for the 2021 season, having predicted the 2020 season exactly, the pressure is on for a repeat!
By the end of this webinar members would have gained 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
- Online event
You will be sent a confirmation email shortly after booking. If you have not received this within one hour, please contact Patricia Pedraza (020 7397 3911).
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.