Baltimore – Lloyds: It could become the “greatest single loss in maritime insurance history”

The collapse of the Francis Scott Key Bridge at its port could become the largest loss of sea to date. “The tragedy (ed. in Baltimore) has the potential to become the greatest single loss in maritime insurance history,” Bruce said Carnegie – Brown (Bruce Carnegie-Brown), president of the world’s largest insurance market, Lloyds, London. The insurance director expects billions of dollars damage from the wreck in late March, which led to the bridge collapse. At the same time, Lloyds CEO John Neal called on affected insurance companies to quickly settle claims for compensation. “The boat is insured, the bridge is secured, the port authority is insured,” Neil said in an interview with the Financial Times. As risks are well distributed, the total loss is also manageable for the London insurance market. Lloyds operates as an insurance swap where insurance companies and financial investors negotiate and purchase specialised insurance with the help of brokers. The market was created more than 350 years ago by the maritime safety industry. Analysts of the large British Barclays bank had estimated the damage caused by the accident to up to three billion dollars. In addition, there could be claims for compensation between $350 million and $700 million for human losses, as well as other claims to halt supply chains caused by the blockade of the port in Baltimore. Six workers were killed on the bridge in the accident. Redevelopment of billions of dollars “While the incident remains to be investigated, we believe it has the potential to become an important insurance event, especially in the maritime insurance market”, writes Barclays analyst Ivan Ivan Bokhmat. According to analysts, reconstruction of the bridge in Baltimore alone could cost about $1.2 billion. Lloyds CEO, Neil, called on insurance companies to contribute directly financially to reconstruction and not expect the US government to advance the funds. The largest insurer for the collapse of the bridge in Baltimore is the American company Chubb. It is not yet clear which claims for compensation will be made by the insurance company Britannia P&I, which insures the fatal ship “Dali” from Singapore. The huge container ship had rammed a bridge pier after a power outage.