Credit Suisse analysts are warning the insurance fallout from the demise of Hanjin Shipping could be one of the largest combined maritime claims in history. The final bill could be as high as $1.8bn, with half of it in marine insurance, the investment bank has warned.
“Though very little information is available for total losses related to the event, using a conservative estimate of business interruption losses, we estimate that total insured losses have the potential to be almost as big as half the size of the Tianjin losses from a year ago of $4bn,” the analysts report, referring to the Tianjin port explosion of 2015, the largest man-made marine insurance loss ever.
Credit Suisse made its Hanjin estimate on assuming 10% of the 10% of the $14bn of insured cargo stranded at sea was unrecoverable.
Meanwhile, the number of creditors to have registered claims against Hanjin Shipping at a court in Seoul ahead of an October 25 deadline is close to topping 4,000.