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Member, Beacon International Group, Ltd.
Marsh L.L.C. has said that energy firms should not cut their investment in risk management as the broker found a link between the fall in oil prices and major claims in the energy sector, reported Energy Global.
"Historically, falling oil prices have prompted cuts in infrastructure and maintenance spending, and less investment in health and safety measures and employee training," a Marsh official said. "Analysis of past cycles indicates that cost-cutting decisions were followed by an increased frequency of major incidents or large losses.”