NU Online News Service, June 17, 12:25 a.m. EDT
British Petroleum's $20 billion fund to compensate Gulf oil disaster victims will pay quickly, eliminate payouts of settlement dollars to trial lawyers, and allow for BP's continued operations, an insurance industry expert said, noting BP is "worth a lot more alive than it is dead."
Robert P. Hartwig, president of the Insurance Information Institute, also said the fund will have few implications on the insurance industry, as BP is self insured.
Mr. Hartwig's comments were made to NU Online News Service after BP agreed to set up the compensation fund Wednesday at the urging of President Obama.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
