Severe weather events are causing catastrophic damage and business interruption losses to businesses each year around the world. The energy industry is particularly vulnerable, including entities in the exploration, development, transportation, generation, and/or distribution business. Leveraging all available insurance coverage and pursuing claims are critical first steps in recovery.
Financial losses resulting from severe weather are a significant and urgent problem. Recently, Hurricane Ida and its remnants caused devastation across the United States, starting in the South and stretching into the Northeast, leaving over one million customers in the dark. For example, the entire city of New Orleans was without power due to catastrophic transmission damage that the severe storm caused to the city’s energy provider. By some estimates, approximately 95% of oil and gas production in the Gulf Coast region was shut down. Industry observers predict that the damage caused by Hurricane Ida will likely be the largest insurance claims event in 2021.
Similarly debilitating, the West Coast has been hit with a series of wildfires and other natural disasters. The recent Bootleg Fire in southern Oregon took out power lines that supplied electricity to California and left the Golden State without a critical source of power during a heatwave that was already putting a strain on the grid. The energy supply problem from that fire forced California grid operators to issue an urgent alert...
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