Brief by Shorts91 Newsdesk / 07:26pm on 27 Mar 2024,Wednesday International
The collapse of Baltimore's Francis Scott Key Bridge after a collision with a cargo vessel could lead to insurance claims totaling up to $4 billion, analysts warn. With six people still missing and the Port of Baltimore closed, insurers are assessing losses across multiple lines including property, marine, and liability. The International Group of P&I Clubs holds reinsurance cover of $3.1 billion, but the widespread impact could still lead to upward pressure on global marine insurance rates. The closure's economic toll on Maryland could reach $28 million in just one month, according to initial estimates.
