Suez Canal blockage to cost reinsurers hundreds of millions of dollars ...Kuwait

The blockage caused by the grounding of the Ever Given held up an estimated $400 million per hour in international trade. Insurers are expected to cover up to $100 million.Reinsurers could be looking at costs running into hundreds of millions of dollars following the wedging of a vessel in the Suez Canal, which halted international trade for nearly a week. Ships typically have protection and indemnity (P&I) insurance covering third party liability claims, including environmental damage and injury.Alan Mackinnon, chief claims officer with UK Club, the Ever Given’s P&I insurer, told Reuters it expected a claim against the ship’s owner from the canal authorities for possible damage to the can

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