Amlin estimates pay out on cruise disaster

Insurance and reinsurance company Amlin has estimated that its worst case position resulting from the grounding of the cruise ship Costa Concordia would be less than £10m, net of reinsurance recoveries.

Insurance and reinsurance company Amlin has estimated that its worst case position resulting from the grounding of the cruise ship Costa Concordia would be less than £10m, net of reinsurance recoveries.

The shipwreck has led to market claim estimates of $500m to $1bn for the cost of damage to the vessel and further losses from passenger liability claims, removal of wreck and potential environmental claims, the firm said in a trading update.

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