Allianz: Gulf Of Mexico Oil Spill Not Seen Resulting In Huge Claims
01 July 2010 - 8:59PM
Dow Jones News
Allianz SE (ALV.XE) doesn't expect substantial claims related to
the oil spill in the Gulf of Mexico caused by the Deepwater Horizon
oil rig that exploded in April, management board member Clement
Booth told investors Thursday.
"We don't see it as a major event as far as Allianz is
concerned, it's not going to turn into a huge event for Allianz,"
Booth said during an investor presentation.
Booth said the bulk of claims Allianz expects will be related to
material damage, where current loss estimates for Allianz are below
EUR10 million.
He acknowledged though that high uncertainty relates to
indirect, environmental claims for the insurance industry related
to the oil spill, but that it was too early to give an estimate
about those.
"We have to see how that unfolds," Booth said.
Allianz already said in June that it has no involvement in the
drlling rig owned by Transocean Ltd. and leased by BP PLC. Its
maximum exposure related to an insurance policy with the owners of
the well is limited to about $560,000 Allianz said in June.
-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500;
ulrike.dauer@dowjones.com
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