The collapse of Baltimore’s Francis Scott Key Bridge is likely to lead to the largest single marine insurance loss ever, the chair of Lloyd’s of London has said.
Speaking to Reuters, Carnegie-Brown said it was too soon to put a figure on the expected losses but he would be “very surprised” if it did not result in multibillion-pound losses for insurers.Lloyd’s, which runs the world’s largest insurance market, has companies active in the property and marine insurance markets among the 77 companies that operate within it. as a result of the bridge collapse, with firms on Lloyd’s of London’s market the most exposed.
The bank said the significant involvement of Lloyd’s of London may make smaller London market reinsurers comparatively more exposed.Get set for the working day – we'll point you to all the business news and analysis you need every morningLloyd’s reported a pre-tax profit of £10.7bn for the year to 31 December, which included profits from underwriting growing from £3.3bn last year to £5.9bn this year.
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