08:16 AM EDT, 03/28/2024 (MT Newswires) -- Lloyd's of London and other insurance and reinsurance companies will likely have to pay out billions of dollars in claims over the collapse of Baltimore's Francis Scott Key Bridge, news outlets reported

Lloyd's chairperson Bruce Carnegie-Brown told Reuters in an interview that "the tragedy has the capacity to become the largest single marine insurance loss ever."

Bloomberg cited a note by Barclays analysts saying the bridge alone could draw $1.2 billion in claims while potential liabilities for wrongful deaths could range from $350 million to $700 million.

Economists cited by Business Insider said the port closing could cost $15 million a day in lost business that could be eligible for claims.

Reuters cited Morningstar DBRS estimating it the disaster could lead up to $4 billion in insurance claims.