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Swiss Re: Oil Rig Blast May Cost Insurers Billions

Posted on 07 May 2010

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One of the world's biggest reinsurers, Swiss Re, on Thursday estimated that insured losses from the Deepwater Horizon oil rig explosion in the Gulf of Mexico could reach up to $3.5 billion.

Swiss Re said its own loss from the disaster could total 200 million dollars before tax.

"The company expects the total insured market loss from this event to be in the range of $1.5 billion to $3.5 billion," the company said in a statement.

"However, as the situation is still unfolding and involves significant uncertainties, the ultimate loss is hard to predict and therefore estimates may be subject to change," it added.

The figure does not include uninsured losses.