The collapse of Baltimore’s Francis Scott Key Bridge is likely to lead to the largest single marine insurance loss ever, says the chairperson of insurance and reinsurance market Lloyd’s of London.

According to The Guardian, Bruce Carnegie-Brown said he expected to see insurers incur multi-billion-dollar losses after the March 26 disaster.

“The tragedy had the capacity to become the largest single marine insurance loss ever,” Carnegie-Brown told Reuters.

Lloyd’s, which runs the world’s largest insurance market, is renowned as a hub for marine insurance. On March 27, analysts at Barclays estimated that insurers could face claims of as much as $3 billion as a result of the bridge collapse, with some of the 77 firms on Lloyd’s of London’s market the most exposed, according to Bloomberg.

Barclays said claims for damage to the bridge alone could reach $1.2 billion, along with liabilities of between $350 million and $700 million for wrongful deaths. Hundreds of millions of dollars more would probably have to be paid out for business disruption caused by the port’s closure.

The bank said the significant involvement of Lloyd’s of London may make smaller London market reinsurers comparatively more exposed.

Unlike most of its competitors in the industry, Lloyd’s is not an insurance company; rather, it is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament.