Though a calamity in ecological and economic terms, the Gulf oil spill will not be a major event for the property/casualty insurance industry, a new study concludes.

New York-based Towers Watson says insured losses will be between $4 billion and $6 billion, a fraction of the total economic loss that is currently estimated to be $35 billion. By comparison (in 2009 dollars), losses from the 9/11 attacks were about $23 billion, and losses from Hurricane Katrina tallied about $71 billion.

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