The financial impact on insurers from the Buncefield explosion is expected to be limited although it is still too early to estimate the cost.
A spokesperson for Total UK, part of French oil major Total SA, who owns the majority holding in a joint operation with ChevronTexaco, said: "Any estimate of the cost will come after we've been able to get into the site and hold an investigation."
Fires are still raging inside the Buncefield plant in Hertfordshire, north-west of London, more than 36 hours after the initial explosion. The blast, thought to be the result of an accident, has reportedly destroyed fuel worth some £200m.
The final cost of the incident is estimated to include damage and business interruption costs incurred by three companies, brewer Scottish & Newcastle, software maker Northgate Information Solutions and online fashion retailer ASOS, with distribution or administrative operations in the vicinity.
Royal & SunAlliance (R&SA) said the company was likely to face claims for business interruption costs and damage to private property, but that it was "far too early to say" how much its exposure might amount to.
According to the company, R&SA loss adjusters were visiting homes and businesses in the Buncefield area on Monday afternoon.
Seperately, analysts said Total and Chevron were likely to absorb much of their losses, likely to account for the bulk of the total, through their own insurance vehicles.
Lloyd's said it did not anticipate any major impact from the Buncefield explosion. A spokesperson said: "We are still in the process of gathering information from businesses in the market, but at the moment we do not believe Lloyd's has significant exposure to this event."
