Costa Concordia loss balloons to $1.17bn

The Costa Concordia shipwreck looks set to cost the market nearly two-thirds more than previously expected due to a sharp increase in the expense of removing the stricken cruise liner, The Insurance Insider can reveal.

The total claims bill absorbed by the Costa’s protection and indemnity (P&I) clubs and their insurers is now expected to come in at $1.17bn, far exceeding the previous estimate of $744mn, according to industry sources.

The increase reflects a near doubling to $917mn in the

Costa Concordia loss balloons to $1.17bn Insurance insider