Munich Re estimates its claims burden for the Costa Concordia to be in the mid double-digit million euro range

12:00 AM CET 2012/01/18

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Based on current estimates, Munich Re expects the claims burden from the stricken cruise ship Costa Concordia to be in the mid double-digit million euro range. Besides costs for the vessel under hull insurance, further losses may arise due to liability claims from passengers, recovery of the wreck, and possibly from environmental liability claims. Therefore, it is not possible at this stage to put a final figure on the exact loss amount.

On 13 January 2012, the Costa Concordia ran aground off the Italian island of Giglio. Latest reports put the number of fatalities at 11, with more than 20 people still missing. Investigations into the exact cause of the accident continue. It is not yet clear what the final cost will be to the insurance industry. Besides the costs for the vessel, there will be liability claims from the dependants of passengers killed, from passengers injured and for lost luggage. It remains unclear how the wreck is to be salvaged and what the costs of this will be. An oil spill causing pollution would also lead to further claims under environmental liability.

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