On March 26, 2024, the Francis Scott Key Bridge across the Patapsco River in Maryland, collapsed after one of its piers was struck by the container ship Dali. The collapse blocked most shipping to and from the Port of Baltimore for 11 weeks, affecting more than 8,000 jobs. The economic impact of the closure of the waterway has been estimated at $15 million per day.
The London reinsurance market played an important role in supporting recovery efforts following the collapse. The initial news of the incident reached reinsurers through official notifications, but widely circulated video footage of the moment when the bridge collapsed acutely heightened awareness. London reinsurers recognised the urgency and scale of the situation and, using the video as demonstrable evidence of the event, told the client that formal reports were not required at the payment stage.
Within a short period, reinsurers arranged a significant payment to the client. This went beyond contractual obligations and was intended to reinforce the client’s position, maintain confidence, and provide funds to assist with crisis response and continuity planning.
