OIL profits fall 95.8% amid increased incurred claims

Energy insurance mutual Oil Insurance Ltd (OIL) reported a 95.8
percent drop in net income to $30.9mn in 2015 after a challenging
year for the company.
Underwriting income fell by 89.7 percent to $56.7mn, while
incurred losses for the year more than doubled to $787.8mn.
However, after favourable reserve movement of $430.6mn from
prior years, total incurred losses totalled $357.3mn.
Gross written premium fell 19 percent to $423.6mn. The company
also posted a negative return on investment of $6.4m