Insurance payouts for the Baltimore bridge collapse will be among the biggest ever seen in shipping, Lloyd’s chief executive John Neal said.

In an interview with Bloomberg, the boss of the London insurance marketplace said the loss will be a multibillion-dollar event.

The Maersk-chartered 9,962-teu Dali (built 2015), owned by Grace Ocean in Singapore, suffered a reported loss of propulsion in the early hours of Tuesday, collapsing the Francis Scott Key Bridge.