Insurance market Lloyd’s to suffer ‘large loss’ after Suez Canal blockage

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Chair Carnegie-Brown says Lloyd's may be on the hook for about 5%-10% of the total reinsurance claims

The Ever Given ran aground in Suez Canal, Egypt, on March 24 2021. It has since been refloated. Picture: SUEZ CANAL AUTHORITY/HANDOUT VIA REUTERS

The canal is working to clear the backlog after the refloating this week of a stranded giant container ship. The blockage threw global supply chains into disarray. The 2020 loss for the 330-year-old Lloyd's market, home to about 100 syndicate members, compares with a £2.5bn profit in 2019.

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