Thursday, October 21, 2010

BP (NYSE:BP) Oil Spill Could Cost Insurance Losses of $6 Billion

According to Fitch Ratings, insurance costs related to the BP (NYSE:BP) look like they could be twice what original estimates were, rising to as high a $6 billion.

Fitch's Chris Waterman said at a presentation in Zurich that it could cost the industry from $4 billion to $6 billion. Total economic losses will reach as high as $35 billion, added Waterman.

There was no breakdown of how that would be distributed among companies.

This will be the largest man-made insurance loss since September 11 terrorist attacks.

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