Baltimore bridge collapse to lead to huge insurance loss

The collapse of Baltimore's Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, the chairperson of Lloyd's of London said today.

The impact brought most of the bridge tumbling into the mouth of the Patapsco River, blocking shipping lanes and forcing the indefinite closure of the Port of Baltimore, one of the busiest on the US Eastern Seaboard.

Lloyd's of London today reported a 2023 pre-tax profit of £10.7 billion, boosted by strong underwriting and investment performance.Commercial insurers, who underwrite anything from oil rigs to professional footballers' legs, have coped in recent years with a pandemic, wars, inflation and rising losses from natural catastrophes by excluding some business and raising prices.

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