Insurance claims could top $1 billion in cruise ship accident off Italy
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ISOLA DEL GIGLIO, Italy—The grounding of the Costa Concordia cruise ship off the coast of Italy could result in insurance claims of up to $1 billion, analysts say.
In a research note, Joy Fernhough, an analyst at Espirito Santo bank in London, said initial indications suggest the loss could be between $500 million and $1 billion.
Also in a research note, Nick Johnson, an analyst at Numis Securities Ltd. in London, said insured losses could range from $600 million to $800 million.
The cruise ship, which ran aground Friday off Isloa del Gigilio, Italy, after it hit a rock and turned on its side, has insurance coverage in international markets and with protection and indemnity clubs.
The ship's Italian owner, Costa Cruises, is a subsidiary of Carnival Corp. & P.L.C. The ship's captain has been questioned about his role in the disaster.
Six people are known to have died when the ship ran aground and 29 are missing.
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