The 2011 Atlantic tropical storm and hurricane season is now underway with the first tropical storm of the season forming in the southwestern Gulf of Mexico. Tropical storm Arlene formed around 450km east-southeast of Tampico, Mexico after an area of showers and thunderstorms developed sufficiently to be classified as a tropical storm straight away (skipping […]
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Fitch Ratings are reported as saying (by Bloomberg here) that the final total for insured losses from the Deepwater Horizon oil rig disaster in the Gulf of Mexico may amount to $6B. Actual economic losses are estimated to be much, much higher at around $35B.
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You would have thought after the last hurricane season that oil companies with offshore rigs or refineries in the Gulf of Mexico would have been wise to the dangers of not being covered in time for the tropical storm and hurricane season. It seems that the same coverage problems that came to light last year […]
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