The reinsurance market is expecting a $285mn claim from the
International Group (IG) of marine protection and indemnity
(P&I) clubs as a result of the Costa Concordia sinking,
The Insurance Insider understands.
IG club members The Standard Club and Steamship Mutual were the lead P&I insurers for the cruise ship and have told their reinsurers they expect ground-up losses to reach $340mn-$350mn, of which $60mn will be retained by the club.
Some two thirds of the claim is expected to...
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