The oil leak in the Gulf of Mexico is the worst in US history, but according to the Wall Street Journal it won’t lead to huge insurance claims. But that doesn’t mean insurance companies won’t hike premiums. Experts predict the oil leak will cause losses of about $611 million for insurance companies. But as the oil leak continues to gush, that number could rise. Zurich-based insurance company Swiss Re has been the hardest hit by the oil leak and estimates that it will cost about $200 million. Experts say just 20% of the losses stemming from the oil leak are covered by insurance companies. BP will take the largest hit and officials say the company self-insured the risk instead of purchasing liability insurance.

Besides BP, other victims of the oil leak include fishermen and businesses involved in the tourist industry. “In our view, potential business interruption claims represent the largest unknown for insurers,” Moody’s said in a Wall Street Journal report. A hurricane hitting the gulf could make one of the worst disasters in US history even worse for the insurance industry. “Depending on the strength and track of the hurricanes, vast amounts of the existing oil slick and dispersant agents could be captured by the storm and driven well inland by the storm surge,” said Alex Sosnowski, senior meteorologist at Accuweather in a GreenBusienss.com report.

Experts predict that insurance costs for oil rigs will jump, as will prices for offshore energy liability insurance because insurance companies are expected to reevaluate the risks of drilling in deep waters. According to GreenBusiness.com those rates could rise up to 50 percent. Officials say the oil leak could also drive property insurance premiums up by 15 to 25 percent for shallow offshore projects.