Oil Insurance Limited (OIL) was formed in 1972 by 16 energy companies in response to two large-scale industry accidents that occurred in the late 1960s. The combination of an oil spill in Santa Barbara, California and a refinery explosion in Lake Charles, Louisiana resulted in inadequate coverage and pricing provided by the commercial markets, which triggered the formation of OIL.
At the time of its formation, there was little confidence in the insurance industry that the organization would even survive. In an article in the London times from February 23rd of that year entitled ‘Concern as oil firms bypass London insurance market,’ the outlook for OIL was bleak. The London market’s view at the time was that OIL would not be able to cope indefinitely with its insurance load.
Over forty-five years later, OIL is still in business. It is a world leader in global energy insurance and has achieved many milestones and seen significant growth since its inception:
- Membership has grown from 16 members in 1972 to 55+ members in 2020.
- Globally insured assets have grown from $48 billion in 1972 to over $3 trillion in 2020.
- Shareholder’s equity has grown from $160,000 in 1972 to over $3 billion in 2020.
- Total assets have grown from $160,000 in 1972 to close to $7 billion in 2020.
OIL is rated A (stable) by Standard & Poor’s and A2 by Moody’s.
OIL is headquartered in Bermuda, a major international (re)insurance and financial services center.
Anti-Bribery and Anti-Corruption
Oil Insurance Limited and its subsidiaries (“OIL”) have a zero tolerance policy towards bribery and corruption and are committed to the highest levels of openness, integrity and accountability. It is OIL’s policy to conduct all of its business in an honest and ethical manner. Bribery is the offer, promise, giving, demanding or acceptance of an advantage as an inducement for an action which is illegal, unethical, a breach of trust or the improper performance of a contract. Inducements can take the form of gifts, fees, rewards, jobs, internships, examination grades, favours or other advantages. Corruption is the misuse of entrusted power for personal gain. Corruption may include many activities including bribery and embezzlement. It may also involve practices that are legal in some countries. It is an offence for an employee, officer, director or any person acting on behalf of OIL (including consultants, agents, suppliers, third parties) to carry out an act of bribery or corruption, directly or indirectly, relating to the OIL’s business, irrespective of where the act takes place.
Diversity and Inclusion
OIL is committed to a diverse and inclusive workplace that encompasses varied backgrounds and experiences, while fostering a respectful environment that acknowledges and welcomes individual strengths and contributions.