The marine insurance industry is bracing for huge claims from the Baltimore bridge disaster [Video]

The marine insurance industry is bracing for huge claims from Tuesday’s Baltimore bridge disaster.

Insurance claims from the collision of the Dali containership with the Francis Scott Key Bridge could be on par with a 2012 maritime disaster that led to $1.5 billion in payouts, John Miklus, the president of the American Institute of Marine Underwriters, told trade magazine Insurance Business on Tuesday.

Luxury cruise ship Costa Concordia capsized off the coast of Italy in January 2012, killing 32 people in one of Europe’s worst modern maritime tragedies. That disaster led to the marine insurance industry’s highest payout, according to the trade publication.

“I wouldn’t be surprised if this were similar,” Miklus told Insurance Business.

It was not immediately clear how long it took to settle all of Costa Concordia’s claims, but it appears to have taken at least a few years.

“You’ve got various components to the loss,” Miklus added. “A big one is going to be …