Insight and Intelligence on the London & International Insurance Markets 23 Apr 2018

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Energy market braced for Papua New Guinea loss

  • Adam McNestrie and Bernard Goyder 9 April 2018
  • The downstream energy market is staring down the barrel of a loss that could run to hundreds of millions of dollars after an earthquake in Papua New Guinea impacted a major energy project, The Insurance Insider understands.

    Sources have talked about an economic loss to the project of as much as $1bn from the quake, with the QBE-led commercial market cover set to be impacted along with ExxonMobil's captive insurer.

    The news comes after The Insurance Insider reported last week...

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