Friday, April 20, 2012
The two-year anniversary of the Deepwater Horizon oil rig explosion and spill in the Gulf of Mexico is understandably attracting some news headlines.
The Washington Post writes that many experts are reassessing U.S. progress since the accident, while environmentalists are assessing damages.
Pending spill litigation is the focus of a piece by the Huffington Post. It reports on the finalization by BP of a $7.8 billion settlement with more than 100,000 businesses and individuals harmed by the spill.
Yet according to legal experts cited by the HuffPost, the settlement with private plaintiffs, while significant, represents a relatively minor step in the resolution of the spill litigation.
Still to come is a civil trial brought by the federal government and several Gulf states against BP and its corporate partners, plus possible federal criminal charges related to the disaster.
Pending litigation from the Deepwater Horizon event is listed among the underwriting issues insurers continue to monitor in the Willis Energy Market Review published earlier this week.
Some 11 crewmen lost their lives in the explosion and fire that resulted in the April 22, 2010 sinking of the Deepwater Horizon oil rig in the Gulf of Mexico. The explosion of the rig, which caused $1 billion in insured property losses, was the biggest man-made disaster of 2010 (not including liability losses) and the tenth most costly insured catastrophe loss of 2010, according to Swiss Re.
Check out I.I.I. facts and statistics on energy.