Gustav and Hanna

Energy companies with offshore rigs and platforms in the Gulf of Mexico have started evacuating personnel in anticipation of Tropical Storm Gustav, currently hovering to the west of Jamaica and expected to regain hurricane status later today or tomorrow. The National Hurricane Center (NHC) says Gustav could become a major hurricane before reaching western Cuba. The respite of the past two years may have dulled memories, but major hurricanes in the Gulf are one of the key threats facing the energy insurance market. Meanwhile, Tropical Storm Hanna, while poorly organized at this time, could be a factor next week with its current forecast track taking it towards the Bahamas. For more on the energy market, check out a recent presentation by I.I.I. president Dr. Robert Hartwig that includes a catastrophe loss review for the sector.

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