The Baltimore bridge collapse will likely result in billions of dollars in insurance claims -Lloyd’s of London

By Carolyn Cohn

LONDON (Reuters) -The collapse of the Francis Scott Key Bridge in Baltimore is likely to result in multi-billion dollar insurance losses, the chairman of commercial insurance market Lloyd’s of London said on Thursday.

The massive Singapore-flagged container ship Dali, which was bound for Sri Lanka from the Port of Baltimore, reported losing power and the ability to maneuver before colliding with a bridge support pylon on Tuesday.

The impact caused most of the bridge to collapse 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 US East Coast.

The tragedy could lead to up to $4 billion in insurance claims, according to Morningstar DBRS.

It was too early to put a figure on the total insurance loss, Bruce Carnegie-Brown told Reuters, but he said he would be “very surprised” if the event did not result in a multi-billion dollar loss. has the capacity to become the largest marine insurance loss ever.”

The previous record loss at sea was the result of the luxury cruise ship Costa Concordia disaster in 2012.

Lloyd’s, with more than 50 member firms, operates in the marine and property insurance markets, which are expected to experience large claims as a result of the bridge damage and disruption at the port.

Lloyd’s had gross written premiums of more than 6 billion pounds ($7.5 billion) in maritime, aviation and transport insurance and reinsurance in 2022. North America is the largest market.

Carnegie-Brown also said the insurer has set aside 1.6 billion pounds ($2 billion) in reserves over the past two years for disputed aviation claims over planes stuck in…

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