In a breaking news alert, The Insurance Insider are reporting that Willis Singapore brokered a $100 million passenger liability cover that will respond to the loss of the South Korean ferry that sank earlier today with more than 450 passengers on board.

The London-based publication stated that marine sources have said it was likely that the hull policy was underwritten in the local market.

Of nearly 460 passengers, most of whom were school students, it is thought that almost 300 were unaccounted for at nightfall. According to reports, the stricken ship, the Sewol, sent an emergency signal shortly before 9am local time. It was thought to have begun listing sharply before becoming almost submerged an hour later.

The Insurance Insider said: “A senior underwriting source said that after analysing the footage and the weather conditions in the South China Sea, he thought the ship had been grounded.”

The London-based publication added the loss was not expected to affect marine pricing. A source had said there had been a number of losses in Asia but that there were many very good risks in that part of the world.”