Filed Under:Claims, Catastrophe & Restoration

Insurer Payout for Costa Concordia Disaster Rising: Munich Re

The grounded cruise ship Costa Concordia off the Tuscan island of Giglio, Italy, on Jan. 24. (AP Photo/Pier Paolo Cito)
The grounded cruise ship Costa Concordia off the Tuscan island of Giglio, Italy, on Jan. 24. (AP Photo/Pier Paolo Cito)

MUNICH (Reuters) - 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.

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