Costa Concordia raises insurance price in 2014

While the price for the Costa Concordia wreck - one of the biggest and most expensive shipwrecks in history - has increased month by month, the same development has taken place with the premiums on carriers' liabilities. 

90 percent of the global market is gathered under the 13 P&I clubs that, through insurance and re-insurance, reduce the risks for the individual company, but the carriers will not be spared having to pay higher premiums to cover financial "hole" left by the Costa Concordia incident.

AON, one of the four or five insurance brokers used by the shipping companies when finding the proper insurance program, has performed a survey of the increases, which show that passenger carriers will be hit particularly hard by the accident, as the premiums here will rise a whopping 20 percent, though this is somewhat less than in 2013 where the premiums increased by 125 percent. Tank, dry bulk, and container take a softer hit, with premiums increasing around five percent.

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