It is estimated that the Costa Concordia cruise ship disaster will cost insurers between approximately £326m and £653m. This would make it the highest ever marine loss.
The previous largest ever marine insurance loss was the Exxon Valdez oil disaster in 1989 which cost insurers approximately $500m including the cleaning up of the pollution damage.
Liability insurance claims from injured passengers will determine the final cost to insurers, but it is expected that the hull of the vessel is going to be a total loss with an apporximate value of $500m.
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