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Costa Concordia P&I loss rises to $744mn

21 December 2012

Marine reinsurers have been notified that the Costa Concordia loss has worsened yet again, just a month after the protection and indemnity market was rocked by an earlier deterioration.

According to sources, the ground-up loss has widened from $662mn to $744mn, taking the loss even deeper into the $500mn XS $560mn second layer of the International Group (IG)'s vast reinsurance placement.

IG stack The new loss notice comes as the marine insurance market reels from Superstorm Sandy, which is widely...

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This article was published as part of issue December 2012/4

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