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Increased insurance risks will follow Panama Canal expansion: Allianz

August 6, 2014 - 6:00am


The increased cargo-carrying capacity of vessels transiting the Panama Canal following a canal expansion project will bring with it increased insurance risks, Allianz Global Corporate & Specialty A.G. has said.

The insurer said in a report that the value of insured goods could rise by more than $1 billion a day after the expansion is complete, Marine Log reports.

Ships transiting the canal after the expansion are expected to be much larger than the current fleet and AGCS' Rahul Khanna said "larger ships automatically pose greater risks."

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