Oil firm revises estimate

Oil company BP has increases its estimate for the cost of cleaning up the Deepwater Horizon oil spill by $7.7bn (£4.8bn), increasing the total to nearly $40bn, The Guardian reports.

The charge, which BP revealed in its latest results filing, cut the oil company's third-quarter profits to $1.8bn from the $5bn it made in the same quarter last year.

In late July, BP set aside $32.2bn to cover the cost of the clean-up, forcing the company to make a loss of $17bn for the second quarter of 2010.

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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