Energy insurance losses from the Chilean earthquake will not exceed $350m, according to a report from Marsh.
The estimate does not include any future contingent business interruption claims but has been put together by marsh, which sent in claims specialists into Chile following the 8.8 magnitude earthquake.
“Our first priority is to provide our clients with operations in Chile with the highest levels of service, ensuring they have access to the best loss adjusters, that insurer payments are made rapidly, and that the process allows our clients to carry out reinstatement work as quickly as possible. Our team on the ground is making sure this happens,” Martin Clark, head of energy claims at Marsh, said.
There is a huge amount of mining, power and oil processing infrastructure in Chile, but the report from marsh reveals this has been affected less than expected.
“Marsh’s estimate of an energy loss in the region of $350 million means that losses from the Chilean earthquake will not change the current softening trend in the global energy insurance market,” Jim Pierce, chairman of Marsh’s Global Energy Practice, added.
