Comments on: Insurance Segments to Watch in 2013 – Part One: Fracking

By: Dave

Dave — Wed, 30 Jan 2013 19:40:19 +0000

I beg to differ with the the generalizations that fracking inevitably causes environmental damage and that fracking “cannot” be done safely as it has been done safely for decades in hundreds of locations. Sounds like the rantings of a crazed environmentalist.

By: Pierre-Michel Feuz

Pierre-Michel Feuz — Tue, 29 Jan 2013 23:24:19 +0000

The subject is certainly complex, however, the economies of so many countries may be able to derive so much out of this process. Legislation and new aspects of law, not just US but in many World countries have to find their level of adequacy.

Likewise new facets presented to Energy Underwriters will bring their own inherent problems. Nevertheless, progress will move all this forward and with our past knowledge of US clearance of ex Government sites pollutions), Asbestos, as well as other Products which engendered specific claims……..we should rally round and be able to look after Fracking (shale gas) extractions. Which are not far remote technically to drilling, thus relatively same exposures in material Damages and Liabilities. The implications and ethics being again very similar.
This may be “novelty” for some, yet for others just music played in a different key. If subsequently surveys/claims results show that all aspects of Fracking are negative, then, the ground rules and the laws will help to protect not just the environment but the Insurance Markets around the World. Remember the US is not in isolation on this subject…we are all learning and trying our best to help Clients (from Insurers point of view as well as from Reinsurers – and conforming to the Laws of the various States, country and World legislations.

By: wildplaces

wildplaces — Tue, 29 Jan 2013 19:24:31 +0000

I beg to differ from some of the generalizations in this article about insuring fracking. First, all environmentalists are opposed to fracking and its inevitable environmental damage, but their approach varies according to philosophy and political strategy. Fracking cannot be done safely, that includes both vertical and horizontal bore fracking that have both been proven dangerous in many ways. Second, the same old players are the ones involved here, not new energy companies. The names have changed, but not the faces. The underwriters are justified in their concerns about a witches brew of fracking waste that cannot be treated by municipal wastewater treatment plants where it is often dumped, and presents serious environmental hazards when used as road de-icer, as is their desire. Overall, thank you for bringing this important issue to our attention!