PartnerRe Reports Claims from its Exposure to Algerian Gas Plant Explosion to Range Between $27-30 Million
Bermuda-based PartnerRe Ltd. announced that claims relating to its net exposure to an explosion at Algeria’s largest LNG (liquefied natural gas) plant earlier this week are expected to approximate $27-30 million.
The explosion killed at least 27 and injured more than 70 people, and is one of Algeria’s deadliest energy accidents. The explosion and subsequent fires are said to have devastated the site, severely damaging three of its six LNG units. The plant, owned by Sonatrach, is located in the Mediterranean port city of Skikda, approximately 300 miles east of Algiers.
PartnerRe is a significant reinsurer of global specialty risks. The bulk of PartnerRe’s exposure to this explosion relates to energy reinsurance contracts.
Popular Today
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
- DraftKings Sued Over ‘Risk-Free’ Bets That Were Anything But
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
Popular This Month
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- Ship Owner in Bridge Collapse Seeks to Limit Its Liability
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme