CB - Chubb Braces For Record Shipping Insurance Loss After $350M Payout For Baltimore Bridge Collapse | Benzinga
In the wake of Baltimore’s Francis Scott Key Bridge collapse, insurance company Chubb (NYSE:CB) is set to shell out $350 million, potentially setting the stage for an unprecedented shipping insurance loss.
What Happened: Chubb, the insurer for the collapsed Baltimore bridge, is readying to make a significant payout to the state of Maryland, Reuters reported on Thursday
The payout, which is likely to be approved within weeks, was disclosed in a statement by Henry Daar, head of property claims at WTW, the broker for the bridge.
This $350-million payout could be the first of many related to the catastrophe. Analysts have projected that the total cost to insurers could escalate to $4 billion, establishing a new record for shipping insurance loss.
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The bridge collapse that resulted in ...