AM Best expects the number of claims received to date to escalate as the event continues to impact the region, and as access to damaged properties is gained over the coming weeks. Losses are likely to emanate primarily from domestic property and motor lines of business, as well as from commercial risks, including business interruption and agriculture covers.

Suez Canal works to clear backlog as shipping convoys resume

Mar 31, 2021

The Ever Given’s grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.

Lloyd’s records a loss of £0.9bn for 2020, driven by £3.4bn net incurred COVID-19 losses

Mar 31, 2021

Throughout 2020, Lloyd’s provided significant support to its customers around the world impacted by the COVID-19 pandemic, with customer pay outs forecast to reach £6.2bn on a gross basis.

COVID-19 claims added 13.3% to the market’s combined ratio of 110.3%.

Excluding COVID-19 claims, the market’s combined ratio has shown substantial improvement at 97.0%, down from 102.1% in 2019.

Shipping companies may not get insurance claims for’ lost expenses’ incurred from Suez closure chaos

Mar 30, 2021

Ships typically have various types of insurance, including protection & indemnity (P&I) for pollution and injury claims. Separate hull and machinery policies cover vessels against physical damage.

“Both exclude loss of earnings,” Claudio Blancardi, underwriting director with ship insurer Nordic Marine, said.

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