Baltimore Bridge Collapse Considered The Largest Ever Marine Insured Loss To Date
The Baltimore bridge collapse could result in the biggest-ever marine insurance payout.
Analysts have forecast that insured losses from the disaster would amount to a figure in the single-digit billions.
Barclays Plc specialists estimated that insurers encounter claims as high as $3 billion.
Barclays mentioned in its note that insurance claims for damages to the bridge could hit $1.2 billion.
It further predicted potential liabilities to range between $350 million and $700 million for wrongful deaths.
The claims settlement is likely to be complicated by the involvement of multiple parties.
Vessel traffic at the Port of Baltimore was suspended after the accident, and experts have warned of knock-on economic effects.
Baltimore is the biggest vehicle-handling port in the U.S., including cars and heavy farm equipment.
About $100 to $200 million in value comes through the port daily.
Maryland Governor Wes Moore warned that over 140,000 people could be indirectly impacted by disruptions.
The incident has impacted business and caused supply chain disruptions, with ships trapped inside the port and those trying to enter.