MW: Oil spill could cost insurers $1 bln: Partner Re
By Greg Morcroft
NEW YORK (MarketWatch) -- The continuing oil spill in the Gulf of Mexico could ultimately generate insurance claims and costs of more than $1 billion for the insurance inductry, according to initial estimates released late Thursday by PartneRe, a Bermuda reinsurance firm. "The ultimate insured loss for this event is unclear given the multiple parties involved and the on-going situation regarding control of the oil spill... insured losses from the explosion have the potential to exceed $1 billion," the firm said. It said that it expects its own second quarter 2010 results will include claims relating to the explosion in the range of $60-$70 million.
