Global reinsurers face huge losses after Suez Canal blockage, Fitch says
Nearly weeklong blockage will add pressure to first-half earnings, says ratings agency
30 March 2021 - 00:01
The blocking of the Suez Canal by one of the world's largest container ships is likely to result in losses worth hundreds of millions of euros for the reinsurance industry, Fitch Ratings said, even as rescue teams successfully refloated the vessel on Monday.
The 400m Ever Given got wedged diagonally across the canal early last Tuesday, blocking the path for hundreds of vessels waiting to transit the shortest shipping route between Europe and Asia...
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