UK’s Guardian newspaper warns about a hard market – presumably energy only, the story isn’t clear – thanks to the oil spill. Others have made the same call, and I guess we’ll see.
Meanwhile, the Guardian story notes Swiss Re estimates losses between $1.5B and $3.5B. The $1.5B is the current analyst best guess from several sources. The higher number comes into play if oil reaches the shore, where it triggers Business Interruption coverage.
Finally, this: Losses so far by individual insurers total about $700m. What with $700m being less than $1.5B and all, it sounds as if someone, somewhere is not fessin’ up.