NU Online News Service, July 8, 11:55 a.m. EDT
Reinsurers and insurers have paid out less than $1 billion on British Petroleum oil spill claims, and the total market loss is expected to be between $3.25 billion and $4 billion, said Holborn Corp.
In the New York-based independent reinsurance brokerage firm's second-quarter catastrophe update, Holborn estimates $6.5 billion to $9 billion of direct insured losses from eight events it monitored during the quarter.
Most of the losses due to the explosion of the Deepwater Horizon oil rig leased by BP will be shouldered by self-insurance.
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