Munich Re has pushed through premium increases of at least 400 per cent in oil rig reinsurance since Hurricanes Katrina and Rita tore through the Gulf of Mexico in August and September.

The world's biggest re-insurer, which yesterday confirmed profit targets despite the resultant €1.1bn ($1.3bn) of losses, said: "These risks will remain insurable but only if prices and conditions are adequate. So far rates have been increased by more than 400 per cent."