Market Loss from Event Could Be $3.5B

In its quarterly earnings report released Thursday, Swiss Re gave its pre-tax, provisional estimate of the loss from the explosion of the Deepwater Horizon rig: $200 million.

Swiss Re added that the total insured market loss from the event could be more than 10 times that figure, ranging from $1.5 billion to $3.5 billion. The Zurich-based reinsurer cautioned that the ultimate loss is hard to predict given the developing nature of the situation and considerable uncertainties involved.