Allianz: Gulf Of Mexico Oil Spill Not Seen Resulting In Huge Claims

Allianz SE (ALV.XE) doesn't expect substantial claims related to the oil spill in the Gulf of Mexico caused by the Deepwater Horizon oil rig that exploded in April, management board member Clement Booth told investors Thursday.

"We don't see it as a major event as far as Allianz is concerned, it's not going to turn into a huge event for Allianz," Booth said during an investor presentation.

Booth said the bulk of claims Allianz expects will be related to material damage, where current loss estimates for Allianz are below EUR10 million.

He acknowledged though that high uncertainty relates to indirect, environmental claims for the insurance industry related to the oil spill, but that it was too early to give an estimate about those.

"We have to see how that unfolds," Booth said.

Allianz already said in June that it has no involvement in the drlling rig owned by Transocean Ltd. and leased by BP PLC. Its maximum exposure related to an insurance policy with the owners of the well is limited to about $560,000 Allianz said in June.

-By Ulrike Dauer, Dow Jones Newswires; [phone]; [e-mail]