By Stephen Nakrosis
The collapse of the Francis Scott Key Bridge in Baltimore is likely to be the largest marine insurance claim in history, with $2 billion to $4 billion industry loss anticipated to be spread widely across carriers, Fitch Ratings said.
The ultimate insured loss will depend on a number of factors, including the length of time the port is blocked, Fitch said Thursday. Even after the bridge debris are cleared, new bridge construction will cause disruptions to port traffic.
Most of the losses will be borne by reinsurers participating in the International Group of Protection and Indemnity Clubs' reinsurance pool, according to Fitch.
"The event is anticipated to have a limited impact on individual reinsurer earnings and therefore is unlikely to affect the ratings for global reinsurers," Fitch Ratings said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
03-28-24 1533ET
