For weeks on end in 2010, live footage of a ruptured pipeline spewing oil underwater in the Gulf of Mexico served as a 24/7 reminder of the potential for environmental devastation. Underwriters and brokers dealing with Environmental insurance initially feared the worst in terms of the disaster's impact on the industry.
“Everyone thought it would be the 'Katrina' for Environmental Liability,” recalls Marla Donovan, head of product development at Burns & Wilcox.
But while the images of the Deepwater Horizon spill were striking, the multi-billion-dollar event had surprisingly little effect on the Environmental sector.
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