The loss of trade per day due to the closure is pegged at close to $9 billion’
As the global shipping industry heaves a sigh of relief at the re-floating of the ‘Ever Given’ stuck on the Suez Canal for six days, allowing transit of a long line of ships to resume their journeys slowly, the next challenge will be on the insurance aspect of trade losses caused by the blockade, says experts.
“The insurance industry is waiting with bated breath at the direction from which claims can arise out of the Canal blockage and of course what could be the enormity of the exposure,” said R Balasundaram, Executive Vice-president, Global Insurance Brokers Pvt Ltd.