Recovery efforts continued in Baltimore for the missing, after the collapse of the Francis Scott Key Bridge in Baltimore, closing one of the busiest US ports.

And analysts are already saying the bridge disaster will costs billions of dollars, much of which will be paid for by reinsurance.

S&P Global said the accident will generate a complex web of claims and liability that may take years to untangle, but that the financial fallout is expected to fall heavily on the reinsurance industry.

Loretta Worters, a spokesperson for the Insurance Information Institute, said: “No doubt both marine insurers and reinsurers will be involved with this loss.”

Ms Worters said the value of the bridge itself could be about $1.2 billion and it was not yet known if the insured limit on the property placement will fully cover replacement.

Insurance Insider reported that Chubb Ltd is the lead insurer of the bridge itself, but any claims are likely to be subrogated to the shipowner's insurance.

Ms Worters said the incident will impact the International Group of Protection & Indemnity Associations the hardest, noting the group has significant reinsurance coverage, led by Axa XL.

She also said it was her understanding that Aon PLC covers the bridges and tunnels property placement for the State of Maryland.

Matilde Jakobsen, senior director, analytics, AM Best, agreed that reinsurers will bear the bulk of the insured costs.

She said: "The P&I segment is dominated by the members of the International Group of P&I Clubs (International Group), which collectively insure approximately 90 per cent of the world’s ocean-going tonnage.

“As part of the International Group’s pooling arrangements, member clubs mutually reinsure each other by sharing claims above $10 million.

“Additionally, the group buys general excess of loss reinsurance cover up to $3.1 billion in the open market.

“While the total cost of the bridge collapse and associated claims will not be clear for some time, it is likely to run into the billions of dollars – well above the $100 million attachment point for the GXL contract.

“The insurance issues due to the collapse of the bridge will take a long time to unravel and may involve several lines such as property, cargo, liability, trade credit and contingent business interruption.

“The claim will likely involve several insurers, reinsurers, subrogation, and legal issues and will serve to add to the increasing challenges in reinsurance availability.”

Even though the claims and settlement process will take some time, there is already pressure to get the investigations completed and restoration under way.

US President Joe Biden and his Transportation Secretary, Pete Buttigieg, have suggested federal funds will help get the bridge up and running as soon as possible, even as Mr Buttigieg conceded that it could affect supply chains.

The Port of Baltimore, the 11th largest in the US, is the busiest port for car imports and exports, handling more than 750,000 vehicles in 2023.

The bridge collapsed quickly after the 984-foot cargo ship Dali lost power and slammed into a bridge support at a speed of eight knots, or nine mph.

The Dali is owned by Grace Ocean Pte Ltd, managed by Synergy Marine Pte Ltd and covered by The Britannia Steam Ship Insurance Association Ltd, or Britannia P&I Club. It had just left Point Breeze in Maryland en route to Sri Lanka.

The bridge is about a mile and a half long, carrying Interstate 695 over the Patapsco River southeast of Baltimore.

Britannia P&I Club said in its statement that no pollution had been associated with the incident.