Stephen Catlin Chief Executive of Catlin Underwriting told the HMIS 2010 that the industry needed to listen to its clients if it was to provide the products which would create a situation where oil firms, regulators, banks and rating firms felt secure in the coverage available.

While the moratorium on the offshore continued Mr Catlin said there was little doubt that the US government would look to lift he ban on offshore drilling.

“Despite what [President] Obama might say offshore drilling in the Gulf of Mexico is a need to have not a nice to have for the United States,” he added.

Offshore drilling was driving the energy market’s expansion and despite a great deal of talk and intention the renewable energy market was still providing a fraction of the power needed for the world.

He said the market had to understand that adequate pricing would be needed in the future provision of coverage for the offshore market whatever the limits the US government might decide to enforce under any changes to the Oil Pollution Act 1990.

He said the industry via its reinsurance coverage of the International P&I Clubs which have responsibility for pollution clean up costs for their membership had a track record in the provision of pollution coverage.

“There was additional capacity in the market prior to the Deepwater loss,” he said. “There was more the insurance industry could have done but was not asked.”

Mr Catlin said he had last addressed the HMIS 13 years ago and while much had changed, the role of Lloyd’s and the London market as the centre for the major offshore energy risks had not.

“The wholesale market in the only one which has been able to deliver a holistic approach to the major risks large energy firms face and that is why we have been so dominant and we remain ready to serve the needs of our clients.