The marine hull market could be hit by claims topping $250m after three vessels suffered severe damage within four days of each other last week.
An explosion onboard container ship Hyundai Fortune off the coast of Yemen; a fire, which engulfed 100 cabins onboard Caribbean cruise liner the Star Princess; and the sinking of late-night ferry Queen of the North in British Columbia, has left Lloyd's underwriters fearing the worst.
The London market is understood to be “represented” on all three of the marine hull risks.
Ken Alston, who runs the London marine practice for global broker Marsh, said the market anticipates that events of last week will have a significant impact on the 2005 policy year figures.
