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International

Insurance payout for Costa Concordia disaster may top $1.1 billion: Munich Re

August 07, 2013 Reprints

The insured loss from the capsizing of Costa Concordia off the Italian coast in January 2012 may exceed $1.1 billion as salvage crew are working to remove the wreck, Munich Reinsurance Co. said.

The reinsurer said the ship was valued at $500 million, Reuters reported.

The reinsurer now estimates €100 million ($133 million) as its share of the cost, up from the previous estimate of €80 million ($106.4 million).

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Insurance payout for Costa Concordia disaster may top $1.1 billion: Munich Re

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