Italian cruise ship disaster
The first mega catastrophe of 2012 took place off Italy's Tuscan coast when cruise ship Costa Concordia navigated too close to the shore, hitting rocks that ripped into the hull and ultimately caused the ship to capsize. More than 4,200 passengers and crew had to abandon ship and 11 deaths have been confirmed. Initial insurance loss estimates range from US $500 million to $1 billion.
Concordia claims spread amongst several insurers
Scott Mayerowitz, The Associated Press on January 18, 2012
Analysts estimate claims could total from $500 million to $1 billion.
TIWA Wine & Cheese Reception 2012
February 16, 2012
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