Given the magnitude and cost of petroleum related projects, both in the up and downstream, potential losses due to natural disasters or man acts such as wars and terrorist attacks, can be huge. In the recent past such events caused massive losses to the insurance industry and one consequence is that insurance of future projects will require increasing collaboration among companies, underwriters and financial institutions in order to keep insurance costs at a manageable level. This session will examine the alternatives to insuring catastrophic risk in the petroleum industry from the perspectives of the petroleum companies and the underwriters.

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