In the aftermath of the bridge collapse in Italy, it has been revealed that both the bridge and the ship involved in the collision were insured. While this may bring some relief to those affected by the tragedy, there is still a sense of trepidation about the potential financial losses within the industry. According to Bruce Carnegie-Brown, chairman of the commercial insurance market, this could be one of the largest single marine insurance losses ever.
Despite this grim outlook, Lloyd’s CEO John Neal emphasized that this incident would likely be one of the biggest marine losses in history. However, he also highlighted that it is covered by insurance, which provides some financial cover for reparations and related costs. This is seen as a positive aspect of an otherwise tragic situation.
The collapse of the bridge occurred after a Maersk-chartered ship collided with one of its support beams, resulting in fatalities among construction workers. The estimated insurance claims from this disaster range from $3 billion to $4 billion, surpassing the losses from previous disasters such as Costa Concordia. These estimations serve as a stark reminder of just how devastating accidents can be when they occur on waterways.
Despite these challenges, Lloyd’s reported its earnings for 2023 and saw pre-tax profits totaling 10.7 billion pounds ($13.5 billion). This strong performance was driven largely by Lloyd’s underwriting division and suggests that despite significant losses expected from recent disasters, their financial position remains stable for now.
Overall, while there are many unknowns surrounding this disaster and its aftermath, it is clear that having insurance coverage can provide some comfort during these difficult times.