CAIRO – 29 March 2021: The blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry, Fitch Ratings stated Monday. Earlier on Monday, March 29, Canal officials said that Ever Given, had been partially freed and that they hoped traffic along the Suez Canal could resume again within hours. In addition, they may face claims from the Suez Canal Authority itself for loss of revenues. A large share of those losses will probably be reinsured by a global panel of reinsurers. “Last year, global reinsurers reported heavy declines in earnings due to paid claims and claims reserves related to the coronavirus pandemic.

Source: Egypt Today March 29, 2021 10:30 UTC