The Upstream Energy class has performed well since 2017 during 2018 following unusually benign loss experience attributed to depressed exploratory drilling activity.
▪ Concern exists amongst underwriters that any increase in drilling activity will be accompanied by a new wave of losses as rigs are reactivated.
▪ The current rating environment heading into the 1st January 2019 indicates pricing ranging from flat to moderate increases (in contrast to increases achieved 12 months ago.
▪ The 2018 Gulf of Mexico Named Windstorm (GOM NWS) renewals did not experience rate rises to the extent that many were hoping for following the H.I.M. windstorms in 2017.