Six individuals are missing, and one is in a critical condition following the collapse of the Key Bridge in Baltimore after a container ship lost power and struck a column of the bridge.

The bridge was a major Maryland waterway for the surrounding US states, and the busiest in the country's vehicle supply chain.

It is understood that the MV Dali is a Singapore-flagged container ship, chartered by Maersk, and was carrying 3,000 containers from the Port of Baltimore when the tragic accident took place.

Commenting on the insurance implications, Brandan Holmes, senior vice-president and credit officer at Moody’s Ratings, said the most significant losses from an insurance perspective will emanate from the destruction of the bridge and subsequent port disruptions.

"The Key Bridge collapse in the US will likely lead to substantial insurance claims against the vessel’s insurers related to the ship and its cargo, but more significantly the destruction of the bridge and disruptions to the port," he said. "The majority of claims will fall to global re/insurers, as approximately 80 different re/insurers provide around US$3bn in cover to the ship’s insurers, Britannia P&I Club and the International Group of P&I Clubs. While the total claim is expected to be high, it is unlikely to be significant for individual re/insurers since it will be spread across so many.”

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