Concordia Disaster Could Cost Insurers $1 Billion (Insurance Journal)

Concordia Disaster Could Cost Insurers $1 Billion

  Friday, January 20th, 2012 Source: Insurance Journal

The capsizing of the Costa Concordia could not have come at a worse time for the cruise industry — right at the start of the peak booking season. Even if passengers aren’t scared away, the accident will cost hundreds of millions of dollars. It’s too early to tell exactly how much insurance firms will have to pay out to cover the damage to the ship and loss of life, but analysts have estimated that claims could total at least $500 million. One went as far as to say the total bill for insurers could reach $1 billion “We would be surprised if any single player had more than 5 percent-10 percent of the risk,” Numis analyst Nicholas Johnson wrote in a note.

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