, Singapore
/Pixabay

IG's reinsurance to buffer Baltimore bridge loss

The Singapore-based vessel, Dali, is insured by Grace Ocean.

Most losses of the Baltimore bridge accident are reinsured, and the International Group of P&I Clubs' (IG) comprehensive reinsurance protection is expected to mitigate the impact. However, reinsurance costs for the IG may rise post-event, warns S&P Global Ratings.

The tragic collision between a cargo ship and a bridge has resulted in presumed fatalities and potentially the largest marine losses ever recorded, exceeding the Costa Concordia disaster in 2012. 

Whilst concrete loss predictions are premature, expected losses include property rebuild costs for the bridge, vessel and cargo damage, and business interruption.

The U.S. president's pledge to fund the bridge's reconstruction immediately, bypassing private sector coverage, may expedite rebuilding but heighten uncertainty over final insurance claims.

The vessel involved, the Dali, insured by Grace Ocean, is a member of the Britannia P&I Club and is Singapore-based. 

ALSO READ: Record-breaking Nat Cat causes $108b insured losses in 2023, says Swiss Re

Britannia's liability cover extends to $10m, with the IG collectively liable for the next $90m through pooling. 

AXA XL leads the IG's $3b reinsurance program, with coverage provided by large international reinsurers.

Whilst the collapse poses a significant marine loss, reinsurers are expected to manage it well due to diversified industry coverage. 

AXA XL, for instance, is well-positioned to absorb its share of costs without ratings impact, given its robust financial position.

Despite being one of the largest marine losses, the event is viewed as manageable for the reinsurance sector, supported by strong underwriting performance in recent years and favourable pricing trends expected to continue in 2024.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Most Read

1. Expert

Top News

Lorem Ipsum text in year 2025
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.
Lorem Ipsum is simply dummy text of the printing and typesetting industry.
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.

Exclusives

Cropping Issue on Responsive one
Contrary to popular belief, Lorem Ipsum is not simply random text. 
Artificial Inteliigence Testing
Contrary to popular belief, Lorem Ipsum is not simply random text. 
Lorem Ipsum is simply dummy text of the printing and typesetting industry.
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.
Lorem Ipsum Singapore Business Review
The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.