Cruise Ship Claims in Tens of Millions

The German reinsurer Munich Re expects claims related to the Costa Concordia to run into several tens of millions of euros.

Following the capsize of the Italian cruise liner over 20 people are still reported as missing. The Concordia, carrying 4,200 passengers and crew,  struck a reef only hours into what should have been a week-long cruise of the western Mediterranean.

In a statement Wednesday, Munich Re estimated that claims may reach reach a medium two-digit million euro sum. In the statement the company specified that “Besides the costs for the vessel, there will be liability claims from the dependants of passengers killed, from passengers injured and for lost luggage.”

The official statement further added that “It remains unclear how the wreck is to be salvaged and what the costs of this will be. An oil spill causing pollution would also lead to further claims under environmental liability.”

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