Ferocious Storm Sinks Superyacht Bayesian Off Sicily: A Look Into Yacht Insurance

The Bayesian, a 56-metre sailboat insured by OMAC, was sunk off Sicily's northern coast by a fierce storm. Of the 22 onboard, 15 escaped, but four bodies were later found. The yacht insurance market faces challenges due to frequent natural disasters, leading to higher rates and revised guidelines.

The Bayesian, a 56-metre sailboat, met a tragic fate as it was sunk by a ferocious storm off Sicily's northern coast. Yacht insurance provider OMAC held the carrier on the hull for the vessel, according to sources with knowledge of the incident.

Travelers Companies Inc, Navium Marine, and Convex form the syndicates providing insurance, while British Marine offers protection and indemnity (P&I) insurance. It remains unclear what the yacht was worth or the extent of potential claims. Convex declined to comment, while other insurers did not respond to requests.

The British-flagged superyacht was carrying 22 people and anchored off Porticello's port when the storm hit. Fifteen people managed to escape before it capsized, but four bodies were found on the sunken wreck, as reported by rescue teams. This tragic event adds pressure to a global yacht insurance market already facing challenges from past natural disasters.

(With inputs from agencies.)