Lloyd’s boss: Baltimore disaster may be the largest-ever marine insurance payout

Source: CNBC

“The collapse of a major Baltimore bridge and its knock-on effects could result in the biggest-ever marine insurance payout, the chair of insurance giant Lloyd’s of London said on Thursday. Analysts have forecast that insured losses from the disaster would amount to a figure in the single-digit billions, after a huge cargo ship crashed into the Francis Scott Key Bridge on Tuesday. Six people were presumed dead. … Baltimore is the 11th biggest port in the U.S. and the country’s busiest for the import and export of autos and light trucks. Supply chain operators are scrambling to minimize the impact on trade. Morningstar DBRS analysts said in a Wednesday note that insured losses could total between $2 billion and $4 billion, depending on the length of time that the port is blocked.” (03/28/24)