The sinking of the superyacht Bayesian off the coast of Sicily has prompted estimates that insurers could face claims of at least $150 million. The yacht, which was valued between $30 million and $50 million, capsized during a storm on August 19, resulting in the deaths of tech entrepreneur Mike Lynch and six others. The hull was insured by a consortium led by OMAC, while British Marine covered protection and indemnity liabilities, which are expected to significantly exceed the hull insurance value. The incident has raised concerns about the increasing risks for yacht insurers, especially in light of rising storm-related losses and changing climate patterns.
