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Reinsurance industry largely hit by Suez Canal blockage, says ratings agency

 
Fitch Ratings says the blocking of the Suez Canal and resulting disruption to global shipping is likely to cause a large loss event for the reinsurance industry. 
 
The ratings agency says the event will reduce global reinsurers' earnings but should not materially affect their credit profiles, while prices for marine reinsurance will rise further as a consequence of the container ship's halt.
 
Fitch estimates losses may easily run into hundreds of millions of euros.
 
The huge container ship that was wedged in the Suez Canal since Tuesday was finally freed from the shoreline on Monday. 


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