The loss for the stricken ship Costa Concordia continues to grow with Munich Re revealing removal costs for the wreck are likely to exceed $1.1bn.
The salvage operation aims to remove the vessel intact rather than cutting it into pieces, adding to the cost and time involved in removing the wreck.
Commenting as it released its interim results on Tuesday, Munich Re raised the estimate for its own share of the burden to €100m from its previous estimate of €80m.
Last year the ship struck a rock as it sailed close to the island of Giglio, forcing the evacuation of more than 4000 passengers and crew.
The ship had a value of $500m, which Munich Re board member Torsten Jeworrek told a news conference had already been paid for.
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