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I.I.I.: Oil Rig Losses Insured Up to $1.4 Billion

Companies with exposure to the sinking of the Deepwater Horizon oil rig in the Gulf of Mexico are insured for losses totaling about $1.4 billion, according to initial reports from the companies involved in the incident.

By Staff Writer | Updated on June 01, 2010

Companies with exposure to the sinking of the Deepwater Horizon oil rig in the Gulf of Mexico are insured for losses totaling about $1.4 billion, according to initial reports from the companies involved in the incident as well as early insurance and reinsurance industry estimates compiled by the Insurance Information Institute (I.I.I.).

“The insurance losses from the sinking of the Deepwater Horizon will be significant and one of the largest losses ever for global offshore energy insurance and reinsurance markets,” said Dr. Robert Hartwig, an economist and the president of the I.I.I., in a release. “The risks inherent in carrying out such a complicated endeavor, however, are well-syndicated, with the insured loss spread across a broad spectrum of insurers and reinsurers on a global scale.”

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