Bloomberg
The sunken Deepwater Horizon oil rig in the Gulf of Mexico will lead to the biggest energy insurance losses in more than 20 years, Catlin Group Ltd. said.
The April 20 explosion that killed 11 workers and triggered a subsea well leak is likely to be the biggest energy market insurance loss since the Piper Alpha oil platform fire in 1988, the Hamilton, Bermuda-based insurer said today in a statement.
Losses from Piper Alpha, coupled with asbestos claims, triggered a spiral of reinsurance losses that cost Lloyd’s of London 8 billion pounds ($11.7 billion) between 1988 and 1992. Claims from Deepwater Horizon, which was under contract to BP Plc when the blast occurred, may reach $1.6 billion, according to JPMorgan Chase & Co. analyst Michael Huttner.
Catlin’s claims from the disaster will be about $40 million, while Lloyd’s of London insurer Chaucer Holdings Plc said today it expects net losses of $25 million. Lancashire Holdings Ltd. said May 5 it expects to incur a loss of $25 million from the disaster.
Transocean Ltd., the world’s largest offshore oil driller, said yesterday it has collected $481 million from a $560 million insurance policy.
The Piper Alpha explosion in the North Sea killed 167 men when gas from ruptured pipelines ignited.
The April 20 explosion that killed 11 workers and triggered a subsea well leak is likely to be the biggest energy market insurance loss since the Piper Alpha oil platform fire in 1988, the Hamilton, Bermuda-based insurer said today in a statement.
Losses from Piper Alpha, coupled with asbestos claims, triggered a spiral of reinsurance losses that cost Lloyd’s of London 8 billion pounds ($11.7 billion) between 1988 and 1992. Claims from Deepwater Horizon, which was under contract to BP Plc when the blast occurred, may reach $1.6 billion, according to JPMorgan Chase & Co. analyst Michael Huttner.
Catlin’s claims from the disaster will be about $40 million, while Lloyd’s of London insurer Chaucer Holdings Plc said today it expects net losses of $25 million. Lancashire Holdings Ltd. said May 5 it expects to incur a loss of $25 million from the disaster.
Transocean Ltd., the world’s largest offshore oil driller, said yesterday it has collected $481 million from a $560 million insurance policy.
The Piper Alpha explosion in the North Sea killed 167 men when gas from ruptured pipelines ignited.
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