Insurance claims related to the collapse of a major access bridge in Baltimore, USA, could reach up to $3 billion (about 454 billion yen), and the UK’s global insurance market Lloyd’s of London The impact is expected to be particularly large . Barclays analysts analyzed this in a report.
Insurance claims for bridge damage alone are expected to reach $1.2 billion, with liability for wrongful death ranging from $350 million to $700 million, and an unspecified amount due to business disruption due to port closures.
“Although this incident still needs to be investigated, we believe it has the potential to lead to significant claims, especially in the maritime market,” wrote the bank’s Ivan Bokmat and colleagues.
As the insurance is syndicated, the payment risk is expected to be spread among the companies, with AXA XL leading the insurance contract. Other major marine reinsurers include Hannover Re, Swiss Re, Munich Re and Renaissance Re. He also noted that smaller reinsurers in the London market could be relatively riskier due to the heavy involvement of Lloyds of London.
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news-rsf-original-reference paywall">Original title: Insurers Face Billions in Baltimore Bridge Claims, Barclays Says (excerpt)
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