Moody’s data shows insurance claims from Costa Concordia may break $1billion mark

According to Moody’s Investors Service, the insurance losses from the capsized Costa Concordia cruise ship from Carnival Corp off the Italian coast could break the $1 billion mark once all of the injuries and environmental damage are included in the tally. James Eck, the senior credit officer at Moody’s published a note that stated that the sunken ship “marks the first major insured loss of 2012 and will result in a drag on first-quarter 2012 earnings for affected firms.” Though the ship’s damage, itself will cost an estimated $500 million,…

Read More