It’s very early in the recovery process and already the numbers are large.
Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar.
S&P Global Ratings estimates $3 billion, which would still make this tragedy the largest marine insurance loss ever recorded.
Barclay’s analysts believe damage claims for the bridge alone could reach $1.2 billion, while claims for wrongful deaths and business interruptions could run $350 million to $700 million, according to Bloomberg.
“While the total cost of the bridge collapse and associated claims will not be clear for some time, it is likely to run into the billions of dollars,” said Matilde Jakobsen, senior director, analytics, AM Best.
These estimates track with what others are seeing and saying in terms of this tragedy being a major marine insurance event.
“I do see this claim as having a high likelihood of being one of the largest marine claims on record – rivaling Costa Concordia in 2012 or Exxon Valdez oil spill in 1989 — almost 35 years ago to the day,” John A. Miklus, president, American Institute of Marine Underwriters (AIMU), told Insurance Journal.
“While the incident still has to be investigated, we believe it has potential to become a significant insur