Will There Be Insurance?

摘要

The market reaction to the events of September 11 has been either to avoid writing risks extending beyond January 1, 2002 or to scale back dramatically line size, in anticipation of an inability to purchase reinsurance protection at acceptable pricing or at all. If the market's worst fears are realized, many underwriters will be left unprotected or under-protected from January 1. As a result, some underwriters have already issued notices of cancellation on their whole energy portfolio. This has led to a capacity crisis in the energy market where currently there is not enough capacity to cover the estimated maximum losses of many major refining and petrochemical risks.