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Battered Luxury Liner Will Cripple Marine Insurers’ Profits in 2012

A look at how the Costa Concordia wreck and the resultant liability claims may impact the global marine insurance industry.

By Christina Bramlet | Updated on January 27, 2012
In the aftermath of the Costa Concordia collision, a significant environmental disaster has been averted. Now that experts have determined that there is little risk of the heavily battered ocean liner sliding into deeper waters, the painstaking process of siphoning more than 500,000 gallons of fuel stored in the ship’s 17 tanks can begin.

Meanwhile, both insurers and reinsurers brace themselves for losses that could ultimately surpass $1 billion, according to Moody’s Investors Service. In a separate statement, made on Jan. 23, Hannover Re estimates that its marine hull insurance losses from the wreck will reach $39.1 million. Moody’s further notes that insured losses from the accident will primarily stem from:

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