Claims to be well in excess of GXL US$100m attachment point, leaving reinsurers bearing bulk of insured cost, but risk understood to be spread across 80 reinsurers.
Container ship collided with bridge, causing it to collapse and sending people and vehicles into the Patapsco River, with initial estimates suggesting damage could run into the billions.
Industry loss estimate increases to NZD 2.174bn (US$1.33bn); contributing to record NZ$4.4bn in losses when combined with Auckland Anniversary Weekend Floods.
