Last week's natural and man-made disasters in the form of deadlytornadoes and exploding oil rigs has resulted in significantexposure for insurers and reinsurers, according to two differentreports from Guy Carpenter.

Yesterday, the company reported that an explosion and large fireon an oil rig in the Gulf of Mexico on April 20 left 11 workersdead and 17 others injured. Reports said the rig, which is owned byTransocean Ltd, was under contract to the oil company BP at a costof $533,000 a day, and was conducting exploratory drilling. The rigeventually sunk on April 22, and has resulted in a leak of 1,000barrels of oil per day into the Gulf of Mexico. The rig was locatedaround 42 miles offshore Venice, La.

In a release dated April 26, Transocean said that the rig, namedDeepwater Horizon, "had a value of $560 million and was insured fortotal loss coverage and for wreck removal, to the extent removalcan be carried out and is required."

Several reports indicated that Transocean would likely face adeductible between $500,000 and $1.5 million for the total loss ofthe rig. Liability deductibles for crew injuries and third-party,non-crew claims is expected to be no higher than $15 million. Totalavailable coverage for third-party liability is expected to top outat $950 million, which would have a significant impact on the rig'sinsurers and reinsurers, which have yet to be definitivelyidentified. Guy Carpenter's full report can be viewed here.

In natural catastrophe news, at least 20 tornadoes over theweekend caused extensive damage in Mississippi and affected othersouthern states, including Alabama, Arkansas, Georgia, Louisiana,and Tennessee.

A report from Guy Carpenter stated that at least 900homes were destroyed or damaged and 12 people killed by thetornadoes, one of which was reported to be one mile wide andreached speeds of 160 mph. Officials are still assessing the damageafter the storms tore roofs off buildings, reduced homes to rubble,overturned vehicles, downed power lines and toppled trees.

Below are the top three insurance providers in Mississippi byline of business and market share, according to Highline Data:

AUTO (private-passenger vehicles)

State Farm (25%)

Southern Farm Bureau (14%)

Progressive (11%)

HOMEOWNERS'

State Farm (25%)

Southern Farm Bureau (16%)

Allstate (13%)

COMMERCIAL

Travelers (9%)

American International Group (7%)

Liberty Mutual (7%)