The Oil Group of Companies

Utility companies were more adversely affected by the events of 2005 than any other group within OIL. Of the 12 shareholders or members which announced their intention not to continue their membership after the June 2007 renewals, nine were regulated utility companies, with little or no ability to absorb the cost of their losses. Very few utility companies benefited from the energy price leaps in the wake of Hurricanes Katrina and Rita, unlike the great majority of OIL members

Mutual Insurer, Oil Insurance Ltd (OIL) wrote or rather collected from its members US$1.2bn in gross premium income during the year. The company, which provides property catastrophe and pollution liability cover to the international energy and mining industries, was established in 1971 in response to the significant shortage of insurance capacity in the commercial market for petrochemical companies.