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“General average is a shared sacrifice,” said William Fennell, chair of the Marine Insurance and General Average Committee for the Maritime Law Association of the United States.

The collapse of a bridge in the US city of Baltimore will result in the largest single marine insurance loss ever, a British insurance marketplace said.

Historians estimate between one and two-thirds of the British marine insurance market was based on the slave trade in the 18th century.

"Lloyd's played a central role in the underwriting of marine insurance pertaining to the slave trade," he said.

Without the Black Sea corridor in place, both Russia and Ukraine warned in July that ships destined for each others ports could be treated as legitimate military targets, which three marine insurance source said was a further blow to Western companies’ risk appetite.