Cruise Disaster May Cost Insurers $600-$800 Million, Numis Says
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Carnival Corp.’s capsized cruise ship, the Costa Concordia, may cost insurers as much as $800 million once employers’ liability claims are paid and the vessel is removed, according to analysts at Numis Securities Ltd.
The total insurance loss is likely to be between $600 million and $800 million, Nick Johnson, a London-based insurance analyst at Numis, wrote in a note today. The cruise ship’s hull insurance will pay out about 405 million euros ($512 million), a person with knowledge of the policy said yesterday.