Forsikring av offshoreprosjekter Foreleser: Harry Nilsen, Norsk Hydro
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1 Forsikring av offshoreprosjekter Foreleser: Harry Nilsen, Norsk Hydro Ettertrykk er kun tillatt etter avtale med foreleser og Tekna
2 Hydro Oil & Energy Erfaringer vedr. utviklingen av forsikringspremier og hva det betyr for prosjektene. Forsikring av offshoreprosjekter Do we need construction insurance? Figure 2. PFP coming away in sheets Figure 3. The potential for an air gap is evident Date: Page: 2 Hydro Oil & Energy
3 Insurance Norwegian Continental Shelf Exploration phase: Each partner responsible for their own interest in wells being drilled. Development phase: Operator controlled Construction All Risk Insurance (CAR) Policy on behalf of all partners, contractors and subcontractors. The Norwegian State interest is self insured. Operational phase: Each partner responsible for their own interest. Date: Page: 3 Hydro Oil & Energy Offshore Construction All Risk Insurance (CAR) General rule: Knock for Knock/each party looking after their own property and personnel. Exceptions to the rule: The Contract Object until delivery Equipment/temporary works if listed and agreed by Underwriters Crossing/tie-in agreements Coverage: Physical damage to the contract object. Physical damage to equipment/temporary works if scheduled and agreed by Underwriters. Damage to third party property/life arising out of the works. Liability, including consequential loss arising out of crossing/tie-in agreements Date: Page: 4 Hydro Oil & Energy
4 Construction All Risk Insurance market Challenges for the insurance market: High Values Catastrophe exposure Technical challenges Rough environmental conditions Long development phase Date: Page: 5 Hydro Oil & Energy Extreme conditions, including harsh climatic environment: Ormen Lange Temperatures down to even minus 2 C at seabed caused by the interaction between the cold Polar sea and the salty Gulf stream Extreme waves (up to more than 30 meters) and winds (40 m/s) Strong currents metres water depth Date: Page: 6 Hydro Oil & Energy
5 Construction All Risk Insurance market World Wide insurance market is needed to respond to the challenges. Market place is driven by Reinsurance capacity An Energy Underwriter can write all classes of energy business i.e upstream and downstream. The market: London market: Lloyds and company markets Continental market: Munich Re, Swiss Re, AXA, Scor Norwegian market: Gard Services US market: XL, Navigators Date: Page: 7 Hydro Oil & Energy The Long Term Trend % of 1992 rates US$m rates Offshore Capacities Offshore Working Capacities Percentage of 1992 rates Onshore Capacities Onshore Working Capacities Source:Aon Energy Date: Page: 8 Hydro Oil & Energy
6 Upstream Market Capacities Movements, Platforms E&P Property Mobiles OEE Offshore CAR % Rise/Fall (on previous year) Source:Aon Energy Date: Page: 9 Hydro Oil & Energy Number of Energy Insurers World-wide Offshore Onshore Source:Aon Energy Date: Page: 10 Hydro Oil & Energy
7 What influences the premium: Claims 11 th September and terrorism in general Natural catastrophes Financial market Date: Page: 11 Hydro Oil & Energy Energy Losses above US$ 1 million (excluding mining) US$bn 5,0 4,5 4,0 3,5 US$bn 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0, ? 3,0 2,5 2,0 1,5 1,0 0,5 0,0 * incurred to date Losses excess US$1m Estimated Worldwide Premium (US$) Date: Page: 12 Hydro Oil & Energy
8 Construction Claims : USD MILL Faulty Design Unknown Piling Heavy Weather Pipelaying Machanical fail Anchor Impact Fire Windstorm Source: Aon Grieg Date: Page: 13 Hydro Oil & Energy Construction Claims : BAND NUMBER TOTAL First 10 MUSD 458 $1,500,515,046 Excess 10MUSD 72 $1,841,515,046 TOTAL 530 $3,342,030,092 Date: Page: 14 Hydro Oil & Energy
9 All losses, US$ 1 million and above (to date) Type Unit Cause Off/onshore Location Country Amount (US$) Plant Gas plant/trans Fire/explosion Land Skikda Algeria 470,000,000 Plant Gas plant/trans Fire/explosion Land South Australia Australia 291,000,000 Plant Chemical Fire/explosion Land East Java Indonesia 75,000,000 Plant Mine Fire/explosion Land El Teniente Chile 28,000,000 Plant Gas plant/trans Unknown Land Louisiana USA 20,000,000 Plant Refinery Fire/explosion Land Illinois USA 6,000,000 Rig Semi-sub Fire/explosion Offshore Bay of CampecheMexico 4,800,000 Pipeline Design/Work ship Offshore North Sea Norway 3,750,000 Well Blowout Land Texas USA 2,050,000 Well Blowout Land Louisiana USA 1,500,000 Plant Equipment Heavy Weather Land Unknown Germany 1,300,000 Date: Page: 15 Hydro Oil & Energy CAR premium rate development : 2,50 % 2,50% R a t e 2,00 % 1,50 % Market Trend Rate on Line 2,00% 1,50% o n L i n e 1,00 % 0,50 % 0,00 % Date: Page: 16 Hydro Oil & Energy Tordis Vigdis Norne Visund Gullsat Ose. East Ose. Syd Ose. Gas Varg Source: Aon Grieg S. Arne Connem Siri Stat.N.F. Snorre II Heidrun N Heimdal Gullsat II Huldra Sygna Tune Grane Vale Fram 1,00% 0,50%
10 Construction All Risk Insurance market today: Only a few recognised Leading Underwriters. Deductibles are still high for offshore/subsea works. Premium rates are levelling out. More narrow wording: Faulty welding exclusion Latent defect exclusion Limited coverage for faulty part separate deductible per part Limited coverage for additional coverage (standby charges, cancellation costs, forwarding charges etc.) Date: Page: 17 Hydro Oil & Energy Outlook for the future: Positive side: More capacity is coming in to the market place No catastrophe losses from 2003 and up to date. Underwriters enjoy good profit. Date: Page: 18 Hydro Oil & Energy
11 Outlook for the future: Negative side: Seen as a high risk class of business More capacity on fewer hands No real alternatives on the horizon Lloyds moving from names to corporate capital Lloyds regulatory board Conclusion: Hard market continues during 2004 depending on the operational insurance market. Date: Page: 19 Hydro Oil & Energy What does it mean for the upcoming projects Premium becomes one of the major economical factors Continued high deductible level Continued discussion with Contractors regarding risk in contracts. Narrow wording The exposure is to some extent higher for Company and Contractor than it used to be Continued competitive low premium for the operational phase High oil price Date: Page: 20 Hydro Oil & Energy
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