The collision of a cargo ship and a fuel tanker off the eastern coast of England in the North Sea is likely to hit multiple marine insurance policies, carrying an estimated combined insured value of between $50 million and $100 million, credit agency Morningstar DBRS said in a market commentary.
Morningstar said it expects that the claims will remain manageable for the global marine insurance industry and are unlikely to materially affect the credit profile of marine insurers in 2025.
However, the incident adds to the credit agency’s concerns about the profitability of the marine