Suez Canal blockage: heavy bill for Lloyd's of London

Lloyd's of London is expected to face losses of around 100 million USD after the blockage in the Suez Canal. The incident is likely to generate significant losses not only for Ever Given but also for the 400 or so blocked ships.

Liability compensation claims for the vessels and cargoes that were affected by the delays are expected to be handled primarily by the UK P&I Club, the shipowners' liability insurer.

However, the UK P&I Club will seek reinsurance to compensate for the loss. The London market might be affected by 5 to 10% of the total loss.