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.
“That's already been paid for,” Munich Re board member Torsten Jeworrek told a news conference on the reinsurer's second-quarter earnings.
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