Chubb, Maryland to discuss $350m compensation deal: Report

Analysts anticipate total insurer payouts could reach $4b.

Chubb, the insurer for Baltimore's Francis Scott Key Bridge, is preparing to pay $350m to Maryland following its collapse in March, reported Reuters.

This payout, likely to be authorised soon, marks the first significant compensation related to the incident. Analysts anticipate total insurer payouts could reach $4b, constituting a record shipping insurance loss.

The bridge collapse, resulting in six deaths, occurred when a Singapore-flagged container ship collided with it. The FBI has initiated a criminal investigation into the incident, leading to the closure of a major US port.

ALSO READ: Chubb witnesses 13.3% net income surge in Q1’24

Reports suggest that Chubb, Maryland, and the victims' families may pursue legal action against the ship owner and others to recover losses. Chubb has refrained from commenting on this matter upon Reuters' request.

Baltimore's mayor and city council have already filed a lawsuit against the ship's owner and operator, alleging negligence in the incident.

Follow the link for more news on

Chubb Limited

insurance

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia