Lloyd's of London chief calls for quick insurance payouts on Baltimore bridge
Baltimore bridge disaster likely to be ‘biggest ever marine insurance loss’
Baltimore bridge collapse likely to result in multibillion-dollar insurance claims -Lloyd's of London
- The impact brought most of the bridge tumbling into the mouth of the Patapsco River, blocking shipping lanes and forcing the indefinite closure of the Port of Baltimore, one of the busiest on the U.S. Eastern Seaboard.
Fitch Says Baltimore Bridge Collapse Likely to Be Largest Marine Insurance Claim in History
By Stephen Nakrosis
The collapse of the Francis Scott Key Bridge in Baltimore is likely to be the largest marine insurance claim in history, with $2 billion to $4 billion industry loss anticipated to be spread widely across carriers, Fitch Ratings said.
The ultimate insured loss will depend on a number of factors, including the length of time the port is blocked, Fitch said Thursday. Even after the bridge debris are cleared, new bridge construction will cause disruptions to port traffic.
Most of the losses will be borne by reinsurers participating in the International Group of Protection and Indemnity Clubs' reinsurance pool, according to Fitch.
"The event is anticipated to have a limited impact on individual reinsurer earnings and therefore is unlikely to affect the ratings for global reinsurers," Fitch Ratings said.
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