Trio of losses rings up $100m in claims for hull underwriters

Three big claims this year have damaged hull and machinery insurers’ underwriting performance.

TradeWinds’ estimates suggest that the three losses will have set back insurers close to $100m.

The largest claim came with the scuttling of the 300,000-dwt Stellar Banner (built 2016) off the coast of Brazil. It grounded shortly after leaving Vale’s Ponta da Madeira terminal in February. The insured value is understood to have been close to the market valuation of about $60m.