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Reinsurers and insurers have paid out less than $1 billion on British Petroleum oil spill claims, and the total market loss is expected to be between $3.25 billion and $4 billion, said Holborn Corp.

Although reinsurers cut prices for June 1 renewals, one Bermuda-based executive speculated that price hikes in the insurance loss warranty market--fueled by the Deepwater Horizon disaster--could eventually spread to the reinsurance market.

A Senate committee approved a bill to retroactively eliminate the current liability cap for damage from oil spills.

Insurance losses from the explosion and sinking of the Deepwater Horizon oil well are expected to be the largest ever for global offshore energy insurance and reinsurance markets. As claims mount, the public is saying, "Show us the money."

Tropical Storm Alex was strengthening in the Gulf of Mexico on Tuesday and has caused the evacuation of a number of oil production facilities.

Although reinsurance prices were down for the June 1 renewals, one reinsurance executive recently speculated that price hikes in the insurance loss warranty (ILW) market

There are signs of tort inflation in 2010 and 40 percent of companies anticipate it, said the Insurance Information Institute (I.I.I.) in a recently released report.

Tropical Storm Alex was strengthening in the Gulf of Mexico on Tuesday and has caused the evacuation of a number of oil production facilities.