Insight and Intelligence on the Global Facultative Markets

19 May 2012

$1bn energy market cover for Californian gas explosion

17 September 2010

The US energy casualty market is facing maximum insured losses of up to $1bn as a result of a gas pipeline explosion in a neighbourhood near San Francisco last week.

The pipeline that ruptured at 18:00 local time on 9 September in the town of San Bruno in San Mateo County, central California, was operated by US energy giant Pacific Gas & Electric Corporation (PGEC).

In an SEC filing this week PGEC said it maintains liability insurance for damages of...

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