Splash 24/7 reported this week that the 2024 Dali casualty has become the largest single loss in the history of the protection and indemnity market, with reserves exceeding $2.8bn and expected to rise further.

The total is already more than $1bn above the previous record linked to the 2012 Costa Concordia sinking.

The Singapore-flagged containership lost power and struck Baltimore’s Francis Scott Key Bridge in March 2024, killing six construction workers and closing the port’s main shipping channel.

Claims have since been lodged by public authorities, infrastructure owners, businesses, cargo interests and victims’ families.

According to Gallagher Specialty, the loss has reached the International Group’s collective overspill reinsurance layer, an unprecedented test of the insurance structure at this scale. Around $300m of purchased overspill cover remains available, meaning shipowner members have not yet faced an additional levy.

Meanwhile, construction of the replacement bridge is underway. The project is now estimated to cost $4.3bn–$5.2bn, with completion targeted for late 2030.