Concordia to cost insurers US$1.1bn
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The biggest reinsurer in the world, Munich Re, has said that the entire Costa Concordia salvage operation had cost the insurance industry US$1.1 billion.
The firm, which released its second quarter results today, saw profits fall a third after taking hits over Concordia and the recent floods in central Europe.
Concordia, which was insured for US$500 million, is still absorbing costs during the ongoing recovery, most of which are being sought in damage claims, which amount to around EUR605 million.
The chief executive of Munich Re, Nikolaus von Bomhard, said that the firm was still on track to meet its end of year target of EUR3 billion.
British newspaper City AM quoted him as saying: “Unlike the first quarter of 2013, the second quarter was significantly affected by major losses.”
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