Insurance EuropeInsurance Europe
Position Paper
Key messages on offshore oil liabilities

In October 2011 the European Commission proposed a Regulation on the safety of offshore oil and gas prospection, exploration and production activities that aims to extend the scope of the Environmental Liability Directive (ELD) to include liability for pollution caused to all marine waters. The proposal also calls for assessment of the financial capacity of offshore oil licence applicants, including financial security measures.

While insurance can play a role as a tool to transfer the risk of environmental damage caused by EU industries, it cannot provide a
complete or feasible solution for the cover of risks in the offshore oil sector.

Published 2 January 2012
Nicolas Jeanmart
Nicolas Jeanmart
Head of personal & general insurance