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Concordia could be biggest ever marine insured loss

Insured losses as a result of the grounding of the Costa Concordia near the island of Giglio off the western coast of Italy on the evening of January 13 are likely to be in the region of $500m to $1bn, making it in absolute terms the largest ever marine loss, according to Joy Ferneyhough, insurance analyst at Espirito Santo Investment Bank.

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