LONDON — Baltimore's Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as US$4 billion (S$5.4 billion), which would make the tragedy a record shipping insurance loss.
A drone view of the Dali cargo vessel, which crashed into the Francis Scott Key Bridge causing it to collapse, in Baltimore, Maryland, US, March 26, 2024, in this still image taken from a handout video.LONDON — Baltimore's Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as US$4 billion , which would make the tragedy a record shipping insurance loss.
With little clarity on when the Port of Baltimore would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines including property, cargo, marine, liability, trade credit and contingent business interruption. Ship liability insurance, which covers marine environmental damage and injury, is provided through protection and indemnity insurers known as P&I Clubs.
"While the total claim is expected to be high, it is unlikely to be significant for individual reinsurers since it will be spread across so many," he said.
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