Global Reinsurers Stare at Massive Losses from Suez Canal Blockage

Home Community Industry News Global Reinsurers Stare at Massive Losses from Suez Canal Blockage

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    Greensea Systems
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    1. The blocking of the Suez Canal by one of the world’s largest container ships is likely to result in losses worth hundreds of millions of euros for the reinsurance industry, Fitch Ratings said, even as rescue teams were successful in partially refloating the vessel on Monday.

    The 400-metre (430-yard) long Ever Given got wedged diagonally across the canal in high winds early last Tuesday, blocking the path for hundreds of vessels waiting to transit the shortest shipping route between Europe and Asia.

    This event will reduce global reinsurers’ earnings but should not materially affect their credit profiles, while prices for marine reinsurance will rise further, the credit rating agency said.

    Read more by visiting MarineLink.com

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