Navigators doesn't see significant spill impact
Date: 22-Nov-02
Country: USA
"The much publicized loss of the tanker "Prestige" off the coast of Spain and the threat to the environment from its oil cargo is not expected to have any significant impact on Navigators' fourth quarter results," Navigators Chairman Terence Deeks said in a statement.
Deeks added, "The recent spate of losses that have hit the marine market over the past couple of months will only serve to maintain underwriters' resolve to continue to push for premium increases.
"Navigators' should benefit substantially from this hardening market," he said.
Shares of insurers have been rocked by concerns that the oil spill from the stricken tanker, Prestige, could lead to large insurance claims.