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Legal costs relating to the breach have been described as “astronomical” and sources say it is now all but certain that it would result in a full payout.
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German actuarial firm Meyerthole Siems Kohlruss warned the losses represented a “turbulent” start to the year.
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A major conflagration aboard Felicity Ace has damaged high-value VW, Porsche and Lamborghini vehicles.
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The final bill is likely to be higher as further damage occurs due to gusts of wind.
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The ship was carrying more than 4,000 cars at the time of the fire, including Volkswagen, Porsche, Audi and Lamborghini vehicles.
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A further £39mn of claims were fully settled in the month to 5 February, per the latest release of data by the FCA.
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This is the second Peru-based construction loss to make headlines in a week, following this publication’s report of a potential $860mn Petroperu claim.
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The dispute has arisen due to a mismatch in the provision of infectious disease cover between Petroperu’s policy with local fronting carrier Mapfre, and the policy between Mapfre and its facultative reinsurers.
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The company is also writing down the value of Syndicate 1200 by $40mn-$45mn.
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The ruling means the insurer will experience a significant favourable impact on previously booked reserves.
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The year broke a number of records in terms of insured losses.