There sure were a lot of shipwrecks back then. Even St. Paul’s ship was wrecked in a storm, on his way to Rome.
Lloyd’s of London must have been bankrupt........................
In the book I’ve been reading, The Roman Empire in the Indian Ocean, I’ve learned that the underwriters of the rather massive seagoing commerce assumed a certain level of loss, they didn’t have insurance companies back then, per se, but Emperor Claudius covered costs (including lost cargo aboard ships that went down) to ensure the grain supply reached Rome.
LGY is down a nickel before market open, btw.
https://en.wikipedia.org/wiki/Farasan_Islands#History