Since Deepwater Horizon, insurance rates have come down

摘要

I was very pleased to see the in-depth coverage that WorkBoat gave to the topic of safety in the July issue with the "New Horizon" cover story. It validated a theory that I have developed over the last few years. I am an insurance broker and have noticed that the rates charged by insurance underwriters over the last several years have been dropping without explanation. I theorized that perhaps the enhanced interest in safety is manifesting itself in both fewer losses and lowering the severity of the claims. In turn as the loss experience improves, the loss cost calculation is lower resulting in lower rates.