Baltimore Bridge Collapse: Insurers Brace For Possible Historic $4B Payout — Way Bigger Than 2012 Costa Concordia Disaster
Mar 28, 2024
The catastrophic collapse of Baltimore’s Francis Scott Key Bridge, struck by a Singapore-flagged container ship, could trigger a massive insurance payout, potentially reaching a staggering $4 billion. Surpassing Previous Record: This incident, which tragically left six people missing and shut down a major U.S. port, could eclipse the record insured losses ($1.5 billion) from the 2012 Costa Concordia cruise ship disaster, as per a Reuters report. Sharing the Burden: While the total claim is expected to be high, the International Group of P&I Clubs, insuring most of the world’s ocean-going vessels, has remained silent, according to Reuters. Their reinsurance coverage, spread across roughly 80 reinsurers, is unlikely to be significantly impacted by any individual player. Notably, Britannia P&I confirmed that the Dali, the involved vessel, was insured with them, and French insurance and reinsurance company AXA SA (OTC:AXAHF) was identified as the lead reinsurer, as per a spokesperson at the Insurance Information Institute quoted by Reuters. The spokesperson also said she believed that Aon PLC (NYSE:AON) served as the insurance broker for the property policy of the bridge. Insurance Insider reported that Chubb Ltd (NYSE:Full story available on Benzinga.com
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