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Member, Beacon International Group, Ltd.
Chris Dye, claims director at Allianz Global Corporate & Specialty S.E., has said that the cost of energy insurance claims have been continually increasing, Oil & Gas Financial Journal reports.
Allianz said that the average insurance claim in the energy sector amounts to about $25 million. There has been a rise in the physical damage exposures in the energy sector, Mr. Dye said. There were four huge loss incidents in the sector from early June that are currently under investigation, Mr. Dye said.