The insurance industry loss from the collapse of the Francis Scott Key Bridge in the US city of Baltimore after container ship Dali struck one of its support columns is estimated to be above the $1.5 billion of the Costa Concordia disaster, with as much as $4 billion in industry losses anticipated.
The reinsurance market is expected to take a sizeable chunk of the overall loss, while there is a chance some retrocessional arrangements see some exposure and as we reported yesterday, there is a chance of some losses leaking via quota share arrangements including reinsurance sidecars that contain a specialty lines allocation.
