Suez Block Will Be 'Large Loss' For Reinsurers, Fitch Warns

Law360, London (March 29, 2021, 2:09 PM BST) -- The giant container ship that has been refloated after blocking the Suez Canal for nearly a week will probably be classed as a "large loss event" for the global reinsurance industry, Fitch Ratings said on Monday.

The ratings agency said that the bill could "easily" reach hundreds of millions of euros.

The insurers of the Ever Given vessel will most likely face claims from cargo owners and the Suez Canal Authority, Fitch said. Some of those claims will be passed on to a panel of reinsurers, Fitch added.

The 400-meter-long Ever Given was reported to have been freed on Monday afternoon,...

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