Total insured losses could be $1bn. Oil reaches US coast
PartnerRe estimated claims from the explosion of the Deepwater Horizon Drilling Platform in the Gulf of Mexico to be $60-$70m out of insured loses that could exceed $1bn.
PartnerRe said its losses are expected to be contained primarily within the Global Specialty and PARIS RE sub-segments.
PartnerRe's loss estimate is pre-tax, net of reinstatement premiums, assumed and ceded, and net of retrocession. This estimate is preliminary, given the on-going nature of the event, and the significant uncertainty regarding liability exposure, primarily related to pollution.
Oil reaches the shore
The explosion happened on 20 April 2010. The platform sank approximately 50 miles southeast of Venice, Louisiana in the Macondo Prospect area of the Gulf of Mexico. Oil is today reported to be reaching the US coast.
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