The Deepwater Horizon Gulf disaster is reported to have cost $8 billion according to BP “including the cost of the spill response, containment, relief well drilling, static kill and cementing, aid to Gulf States and other claims.”
It is not clear how much of that cost is covered by business insurance.
An explosion in 1988 called the Piper Alpha explosion cost Lloyd’s of London an estimated $11.7 billion in claims over four years. With $8 billion being the cost to date, it is not certain that the Deepwater Horizon disaster will be the “largest” oil platform disaster in terms of dollars. But, it is already close.
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