Genoa bridge property policy capped at EUR160mn

Insurers are set to pay out between EUR160mn and EUR210mn ($185.2mn and $243.1mn) to Autostrade per l'Italia after the Genoa bridge tragedy, The Insurance Insider understands.

The collapse of the road bridge killed 43 people last month.

Swiss Re Corporate Solutions has a 45 percent line on the company’s property policy. Generali writes 25 percent of the policy.

Autostrade also bought a liability insurance policy from Swiss Re Corporate Solutions. It is understood that the highway concessionaire has $50mn of liability cover, which is likely to be called into play. 

HDI Global, Allianz Global Corporate & Specialty (AGCS), and Unipol, all have 10 percent lines on Autostrade’s property insurance.

The bridge collapse will use up all of the EUR60mn sub-limit for bridges in the policy.

Autostrade also bought business interruption cover, capped at EUR100mn.

Therefore, the property policy can only pay out a maximum of EUR160mn.

It also understood that Autostrade’s parent, Atlantia, has a separate directors’ and officers’ (D&O) policy in the London market.

It is not known at this stage how much cover is in place on the D&O or which insurers write it. A large section of the Morandi bridge collapsed amid heavy rainfall on 14 August.

Dozens of vehicles plunged 45m after the structure gave way in heavy traffic.

The bridge is part of an arterial motorway route that serves the Italian Riviera and links the north of Italy to France.

Autostrade, which is 88.1 percent owned by the listed Atlantia, is Italy’s largest motorway operator.

Swiss Re, Generali, HDI and Allianz declined to comment.

Autostrade and Unipol did not respond to a request for comment.

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