Reinsurers mostly on hook to Suez Canal blockage claims

Reinsurers are set to take the brunt of costs for the Suez Canal blockage, with payouts expected to run into hundreds of millions of dollars, reported Reuters. Ship insurer U.K. Protection & Indemnity Club will cover the first $10 million of losses. The wider pool of insurers will cover up to $100 million, at which point re-insurers such as Lloyd’s of London step in for up to $2.1 billion of claims.

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