Insurers count cost as Concordia cruise liner to be hauled upright

When salvage teams begin hauling the wrecked Costa Concordia liner upright on the Italian island of Giglio next week, the financial stakes for insurers will be almost as enormous as the awe-inspiring feat of engineering.

According to reinsurer Munich Re, the overall insurance loss from the accident could surpass €830m. As much as half of that may be swallowed up by the cost of the salvage operation.

“I think now it’s the most expensive wreck removal operation in history,” said Rahul Khanna, a senior marine risk consultant with the shipping insurance arm of Allianz.