Insurers brace for multibillion-dollar losses after Baltimore ship tragedy

The collapsed Francis Scott Key Bridge is seen in the background of the on-ramp to the bridge in Baltimore on March 27.The Francis Scott Key Bridge collapse in Baltimore, Md., could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as US$4-billion, which would make the tragedy a record shipping insurance loss.

Ship liability insurance, which covers marine environmental damage and injury, is provided through protection and indemnity insurers known as P&I Clubs. Moody’s Ratings analyst Brandan Holmes said approximately 80 different reinsurers provided that cover to the ship’s insurers. Loretta Worters, spokesperson at the Insurance Information Institute, said AXA XL was the lead reinsurer on the first layer of cover for IG’s reinsurance program, with other global reinsurers also involved. AXA XL did not immediately respond to a request for comment.Ms. Worters added she believed Aon was the insurance broker for the property policy for the bridge. Insurance Insider reported that Chubb was the lead underwriter for the policy. Aon and Chubb declined to comment.

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