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“A multi-billion dollar insurance loss.” The collapse of the Francis Scott Key Bridge in Baltimore, which cost the lives of at least six people, could prove to be the most serious compensation event ever recorded for maritime companies. The alarm was raised by John Neal, CEO of Lloyd’s of London, who in the presentation of the English group’s 2023 accounts specified that, in any case, “it is a little too early to say how much it will actually cost” what happened on Tuesday 26 April. The infrastructure, as is known, was hit by a container ship, the Dali, flying the Singapore flag, causing several vehicles to fall into the water and sending the gigantic port of Baltimore, one of the most important on the east coast of the United States, into a tailspin. .
But how much could it all actually cost the insurance sector? The opinion of Lloyds’ number one is certainly authoritative, considering that the company is among the leading in the world in the maritime sector. According to Morningstar Dbrs it could reach 4 billion. Barclays analysts, slightly more optimistic, estimated that the companies will face compensation claims of $3 billion. In particular, insurance claims for damage to the bridge alone could reach $1.2 billion, while other potential liabilities, from $350 to $700 million, could be related to victims of the accident; However, it is difficult to hypothesize at this time the compensation that could be requested for interruptions to commercial activities not linked to the impossibility of access to the city’s port.
It will obviously be crucial to understand whether the tragedy was caused by negligence or by a mechanical failure: in any case, according to experts, given the multiple parties involved, resolving the claims will not be simple. “There is a rather complex mix of insurers involved in the matter,” Neal summarized on the sidelines of the presentation of Lloyds’ 2023 accounts, which recorded an underwriting profit of 5.9 billion pounds, an increase of 3.3 billion pounds compared to the previous year due to reduced costs related to large risks and natural disaster claims.