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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.

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