Most losses of the Baltimore bridge accident are reinsured, and the International Group of P&I Clubs' comprehensive reinsurance protection is expected to mitigate the impact. However, reinsurance costs for the IG may rise post-event, warns S&P Global Ratings.
Whilst concrete loss predictions are premature, expected losses include property rebuild costs for the bridge, vessel and cargo damage, and business interruption. The vessel involved, the Dali, insured by Grace Ocean, is a member of the Britannia P&I Club and is Singapore-based. AXA XL leads the IG's $3b reinsurance program, with coverage provided by large international reinsurers.
AXA XL, for instance, is well-positioned to absorb its share of costs without ratings impact, given its robust financial position.
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