I’ve seen lots of stuff out there that have taught me a lot about Drill rigs and oil spills. I start with some deep thinking about risk.
1. When I was working in London at the end of 05, I remember bringing a slip around with a renewal of a Louisiana substandard auto company that got creamed by Katrina (I know: auto insurance!? But why didn’t they just drive away?). I was worried that all the markets would freak out because there was a loss and that I’d fail at filling the placement. Hardly. As one old hand said “well, you never know what the risk really is until you have a loss”.
2. One early summary is here. In particular, I really liked this presentation, which has an awesome summary of the industry at the end of the powerpoint stack. If I’m reading this right, the entire premium for the global energy market is about 5bn and looks like it runs at something like a 90% loss ratio. That means this event, at about 1.1bn – 1.5bn is going to blow that market up (Ha!).
3. Photos here
4. Video here.
7. Finally, from MR, under the heading of “Not from the Onion: Hair, Oil, Transvestites”
Update: there’s more! Here’s an answer to the question: what happens when a hurricane hits this oil spill?