News eDaily27 Sep 2017

China:2015 Tianjin blasts cost more than US$1.2 bln

27 Sep 2017

More than CNY8.1 billion (US$1.2 billion) of insurance claims related to two huge explosions in Tianjin had been settled as of the end of 2016, according to the CIRC Tianjin Bureau yesterday, in a rare public tally of the cost of the incident.

By the end of last year, over 6,000 insurance claims were settled. The total settlement amount is expected to exceed CNY10 billion, reported the Xinhua News Agency citing the bureau.

Two warehouse explosions rocked Tianjin on 12 August 2015, claiming 165 lives. The blasts led to one of the most costly events for catastrophe claims for the Chinese insurance sector in years.

Auto makers and dealers who had warehouses close to the blast site were among the most affected. China Automobile Trading lost 3,000 imported vehicles in the blasts, the biggest single loss, the bureau said. China Continent Insurance paid CNY1.73 billion to the company in January 2016.

"Many of the bigger cases were settled in 2016. Smaller claims will be settled one by one," said Zhang Zhihuai, deputy director of Tianjin Insurance Association.

 

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