LONDON Jan 16 Stricken cruise ship Costa
Concordia is insured for 405 million euros ($513 million) by
insurers including XL and RSA, with specialist
marine insurers providing additional cover for potential injury
claims, industry sources said.
The Costa, a multistorey vessel carrying over 4,000
passengers and crew, ran aground and capsized off Italy's west
coast at the weekend, killing at least five and injuring dozens.
RSA and XL could not immediately be reached.
Analyst Joy Ferneyhough at Espirito Santo bank in London
said injury and other liability claims could push the total cost
to insurers as high as $1 billion, making it the biggest marine
loss ever absorbed by the industry.
"Initial comments from various insurers and underwriters
over the weekend suggest that the insurance loss from the Costa
Concordia will likely be $500 million - $1 billion," she wrote
in a note on Monday.
Standard Club said it was one of several so-called P&I clubs
- specialist marine insurers owned by shipping companies -
providing cover to the Costa Concordia.
"As well as supporting our member we are giving the
authorities full assistance in their response to the incident,"
it said in a statement.
P&I clubs pick up liability claims triggered by shipping
disasters, while commercial insurers provide cover for physical
Individual P&I losses exceeding a certain threshold are
pooled between the biggest P&I clubs, who in turn buy
reinsurance in the event of losses exceeding a set ceiling.