Oil rigs, Munich Re is working on a better adapted product

Munich Re is intent on increasing the third party liability coverage of oil rigs. The reinsurer reckons that the total sums insured in third party liability of the companies running oil rigs amount to 3.5 billion USD. Munich Re is proposing to increase the cover at 10 or 20 billion USD. Being able itself to offer just 2 billion USD, it relies on other reinsurers to finalize this project. Demand is deemed to be substantial: More than 300 rigs will be set up in the Gulf of Mexico in the coming years.