Macondo slugs insurance rates

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By News Wires

 04 June 2010 07:59 GMT

Global insurance broker Willis Group Holdings has warned the losses of the semi-submersibles Deepwater Horizon and Aban Pearl have left upstream energy insurers with $795 million in claims within the space of a single month, driving up rates.



US independent Apache’s $150 million loss from Hurricane Ike had also added to problems, an Insurance Times report said.

“Any insurers that have avoided a Deepwater Horizon loss almost certainly have been involved in at least one of the other two incidents,” Willis said.

The Willis report said the Aban Pearl rig off the coast of Venezuela was insured for $235 million while the Deepwater Horizon rig in the Gulf of Mexico was valued at $560 million and another $140 million may have to be reserved to remove the wreck from…

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