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Deepwater insured loss $4bn to $6bn: Towers Watson
02 August 2010
Deepwater Horizon will not be a market-turning event for the property/casualty insurance industry, according to Towers Watson. However, the insurance policies of all parties directly involved are likely to be exhausted and other corporations that were indirectly involved will be targeted.
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The Deepwater Horizon disaster will not be a market-turning event for the property/casualty insurance industry, according to global professional services company Towers Watson. However, the insurance policies of all parties directly involved are likely to be exhausted and other corporations that were indirectly involved will be targeted.
Towers Watson estimates that net commercially insured losses will be between $4bn and $6bn, a fraction of the total economic loss that is estimated to be $35bn. By comparison, losses from the September 11 terrorist attack were about $23bn, and losses from Hurricane Katrina were about $71bn. In a typical year, total catastrophe losses in the US total about $7bn.
While litigation arising from the Gulf oil spill may take decades to resolve, under any apportionment of the liability, it...
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