International
Insurers could face losses of up to $5.4b after Baltimore bridge tragedy: Analyst
LONDON — Baltimore's Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as US$4 billion (S$5.4 billion), which would make the tragedy a record shipping insurance loss. Fo
Four people are still missing, presumed dead, after a Singapore-flagged container ship crashed into and destroyed the landmark bridge on March 26, forcing the closure of one of the busiest ports in the United States.
Two bodies were recovered from the icy waters of the Patapsco River on March 27. All six were working to repair potholes on the bridge.
With little clarity on when the Port of Baltimore would re-open, insurers and analysts are now assessing the likely losses borne by underwriters across several product lines including property, cargo, marine, liability, trade credit and contingent business interruption.
