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Hannover Re Estimates Burden of Losses for Wrecked Costa Concordia

Posted on 23 Jan 2012

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As already reported by Hannover Re on 16 January, the incident involving the Costa Concordia cruise ship will result in a major loss for the company. The loss expenditure from marine hull insurance will be in the region of EUR 30 million for the company's net account.

Liability claims are difficult to assess at this point in time. The assumption is that a market loss running into triple-digit millions of euros could result. The total loss for Hannover Re – as a leading marine reinsurer – could therefore be in the mid-double-digit million euro range.