Insurer Chubb prepares to pay $350 million in Baltimore bridge collapse, WSJ reports

The payment is expected to be authorized within weeks, the report said

Last updated: May 02, 2024 | 16:58

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Part of the steel frame of the Francis Scott Key Bridge sits on top of the container ship Dali after the bridge collapsed in Baltimore, Maryland, on March 26, 2024.

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Chubb, the insurer of Baltimore's Francis Scott Key Bridge that collapsed in March, is preparing to make a $350 million payout to the state of Maryland, the Wall Street Journal reported on Thursday.

The payment is expected to be authorized within weeks, the report said, citing a statement from Henry Daar, head of property claims North America for WTW, the bridge's broker.

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The $350-million payout could be the first of many related to the disaster that analysts have said might cost insurers up to $4 billion, making it a record shipping insurance loss.

The tragedy that killed six people occurred after a Singapore-flagged container ship collided with the landmark bridge.

Chubb, along with Maryland and the families of the victims of the crash, will likely sue the ship owner and others to recoup losses from the crash, according to the WSJ report.

Chubb declined to comment, while WTW did not immediately respond to a Reuters request for comment.

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