Following the Deepwater Horizon loss firms have been calling in risk experts to assess the ramifications of the rig loss and subsequent pollution as underwriters face a risk which had been viewed as the worst case scenario.

Andrew Rees Director of Matthews Daniel which is loss adjuster on the Deepwater loss said the offshore community was still coming to terms with the recent and what it will mean for the future.

“A great deal will depend on the outcome e of the investigation as to how the event occurred and how the systems which were put I place to prevent a well blow out did not operate,” he explained. “This was the offshore energy insurance market's worst case scenario, the perfect storm which they hoped would never happen. It is in effect the first uncontrolled flow of oil we have seen from a deepwater well and the pollution aspect has clearly dominated the headlines.

“In  the 15 years since the offshore energy market has been growing there has never been an event like it and bow the operators are looking to see how they can sure they do not suffer a similar loss.

“There will always be losses in the energy sector we know given the depth and the sophistication of the equipment that there is a risk, but unlike the drilling in shallower water the rigs and equipment used in the offshore fields is relatively new and in many cases state of the art.

“It has been that technology which has opened the possibilities of access to new reserves and as the price of oil and gas has increased we have seen fields which were deemed uneconomic become attractive to the energy firms.”

He said there was not timeframe as of yet as to when the results of the investigation would be publicised but there is a great deal of information on the enquiries already on various website and the information was being eagerly digested by the energy market.

“There is little doubt it has had a fundamental effect in the offshore market and particularly in the Gulf of Mexico where we now have a new regulatory regime coming into force and we still await the imp0licxations in terms of the liability insurance limits which are being discussed in Washington,” he added.