Baltimore Bridge Catastrophe May Be Biggest Ever Marine Insurance Payout
The destruction of the Francis Scott Key Bridge in Baltimore and its economic fall out could result in the biggest-ever marine insurance payout. The destruction of the Francis Scott Key Bridge in Baltimore and subsequent economic fallout could result in the largest-ever marine insurance payout for the industry, according to the chair of Lloyd's of London and CEO of Lloyd’s of London. Bruce Carnegie-Brown and John Neal, both of the insurance industry, said that the industry is beginning to deploy resources in anticipation of a significant claim. The cost of rebuilding the bridge is expected to be in the billions of dollars and construction will take years, not including the cost of clearing the channel of debris so that the port of Baltimore can reopen for business. Civil engineering experts estimate that rebuilding will cost billions and take years.
Published : a month ago by John Carney in Finance
The destruction of the Francis Scott Key Bridge in Baltimore and its economic fall out could result in the biggest-ever marine insurance payout, the chair of insurance giant Lloyd’s of London and its chief executive both said in separate interviews on Thursday.
“We’re beginning to deploy resources in anticipation of this being a very substantial claim for the industry. And for the Lloyd’s market, it’s going to take some time for for the complexity of the situation to unravel,” Bruce Carnegie-Brown said in an interview with CNBC’s Squawk Box Europe. “So, [it’s] very early days to call a number. I don’t at this point anticipate that it’s outside our realistic disaster scenario planning. It feels like a a very substantial loss, potentially the largest-ever marine insured loss, but not outside parameters that we plan for.”
“This has the potential to be one of the largest marine losses in history,” Lloyd’s chief executive John Neal said in an interview with Bloomberg News on Thursday. “It’s a multi-billion dollar loss. I think it has to be but I think it is a little too early to say what you actually think it’s going to cost.”
The price tag of rebuilding the bridge will be in the billions of dollars and the construction will take years, according to civil engineering experts who spoke with Breitbart News. Those estimates do not include the cost of clearing the channel of debris from the disaster so that the port of Baltimore can reopen for business.
Topics: Economy