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Member, Beacon International Group, Ltd.
Marine property insurers and protection and indemnity clubs are concerned casualties will rise in 2013, Denzil Stuart, an industry expert, said.
The accident involving MOL Comfort, a container ship that split in half in July 2013, has been the worst casualty so far in 2013, The Motorship reported. The incident could cost Japanese hull underwriters $80 million to $83 million, with some reinsurance in the U.K. market, while the total cost for cargo underwriters could exceed $100 million.