Oil cost-cutting linked to increased major incidents: Marsh

Marsh has drawn a specific correlation between falls in the oil
price, energy firms' cost-cutting, and falling safety
standards, leading in turn to significantly larger insured losses.
In a report released today (22 March), the global broker
highlighted that insured losses peaked in the global upstream
energy sector in the 1980s as Brent crude fell from $35 to $15 a
barrel, and noted the same trend when oil prices plummeted in the
1990s and 2008.
Energy companies should continue to...