17 April 2014 Insurance

Austral launches new oil and gas policy

Brazilian insurer Austral Seguradora has launched a new type of insurance policy designed to cover third-party liability during the period of construction, exploration or production of oil and gas in Brazil.

The insurer, focused on infrastructure projects with nationwide operation, started operating in oil risks in March 2013.

RC Offshore reimburses the insured for the amount which they become liable to in relation to the repair by personal and/or material involuntary damages caused by other parties. These services can range from the most basic, such as catering, to more complex operations, such as completion, cementing and underwater services.

"This product is designed to attend the contractual requests performed by major operators and drilling contractors in Brazil," explained Carlos Frederico Ferreira, executive director of Austral Seguradora.

The oil & gas insurance sector generated approximately R$800 million ($375 million) in Brazil last year.

"This value can exceed R$1 billion in 2014," estimates Ferreira. According to recent research data "Major Infrastructure Investments in Brazil", the Oil & Gas market should invest about $700 billion by 2018, with Petrobras responsible for injecting $226 billion of that amount. The sector should represent about 20 percent of Brazil's GDP by 2020.

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