News / Expanded Panama Canal greatly increases insurance risk, report

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Ahead of the official opening of the $5.25bn expanded Panama Canal this Sunday, the insurance industry is preparing itself for a big hike in risk from the increase in the value of insured goods as a consequence of the larger ships that will be transiting the waterway.

The new locks, which will create a third lane of traffic for larger neo-Panamax ships of up to around 13,000 teu, will allow more transits and potentially double the capacity of the canal, according ...