Insurers have been warning for years that the increasing size of vessels plying the global marine market is leading to a higher accumulation of risk. The fear is now being realised, potentially offsetting long-term improvements in safety and risk management, say experts at Allianz, a global financial services group, who commented on the Suez Canal blockage.
This comes as the Lloyds of London, a body of insurers operating in the UK market, has estimated that about $10 billion of daily marine traffic could be halted by the Suez Canal blockage, coming at a particularly bad time for…
