This document discusses the impact of large oil spill losses on the insurance industry. It notes that catastrophic losses from events like hurricanes have increased due to factors like climate change and development. The Deepwater Horizon spill is discussed as a "catastrophe coverage wake-up call" that will require insurers to reassess risk assessment, claims handling, policy coverage and exclusions, and potential changes to the industry in response. Questions are posed about how insurers and the industry may adapt to the potential for larger oil spill losses in the future.