Reinsurers demand greater decision-making powers

Munich Re is calling for reinsurers to have more say in decisions relating to marine salvage and wreck-removal operations against the backdrop of increased politicisation and escalating costs surrounding the Costa Concordia cruise liner wreck.

Dieter Berg, Munich Re senior executive manager for marine, said: “In the recent past, political considerations resulting in disproportionate operational requirements have developed into the key drivers for escalating wreck-removal expenditure. “We are troubled by the fact that, although reinsurers have to pay the lion’s share of the costs, they are hardly involved in the decision-making process for the salvage operation. We would like to have a say in the measures that need to be taken.”

Reinsurers demand greater decision-making powers as wreck removal costs soar