Insurer payout for Costa Concordia disaster rising

Insurance industry payouts related to last year’s sinking of cruise liner Costa Concordia have continued to rise and are likely to top $1.1 billion as salvaging of the wreck continues, reinsurer Munich Re said on Tuesday.Last year the ship struck a rock as it sailed close to the picturesque island of Giglio, prompting a chaotic evacuation of more than 4,000 passengers and crew. The ship had a value of $500 million, Munich Re said. “That’s already been paid for,” Munich Re board member Torsten Jeworrek told a news conference on the reinsurer’s second-quarter earnings.

Insurer payout for Costa Concordia Reuters