The collapse of Baltimore's Francis Scott Key Bridge could lead to record insurance claims, potentially costing insurers up to $4b, according to analysts as reported by Reuters.
Ship liability insurance, provided by Protection and Indemnity insurers , covers marine environmental damage and injury. Initial estimates suggest the cost of rebuilding the bridge could reach $600m, to be covered by the federal government. The closure of the port for a month could result in a total loss of $28m for Maryland, causing widespread economic disruption and affecting businesses and individuals for years to come.
The ongoing hardening in the reinsurance market supports our view that consensus on Japan insurers' overseas earnings, especially for Amlin, is overly conservative. Following the accident, marine insurance rates are expected to increase to better reflect the risk going forward....there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.
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