LLOYD’S EXPECTS $100M PLUS LOSS FROM SUEZ BLOCKAGE

Lloyd's expects a loss of around $100m from the grounding of the Ever Given ultra large containership, which blocked the Suez Canal last week, according to Reuters. Lloyd’s chairman, Bruce Carnegie-Brown, told Reuters it was too early to estimate the exact loss. However, he said “it’s clearly going to be a large loss, not just for the vessel but for all of the other vessels that were trapped and unable to get through”. He told the newswire this could mean a loss for Lloyd’s of around $100m or more. Liability claims for ships and cargo impacted by the delay are expected to sit with the vessel’s P&I insurer, the UK P&I Club. However, the P&I market is likely to have reinsurance in the Lloyd’s market, Reuters said, citing market sources. On Wednesday, Lloyd’s reported a £0.9bn loss in 2020 due to Covid-19 related claims.