Asian News - China: Estimated losses from Tianjin blasts exceed US$1.5 bln
Source: Asia Insurance Review | Dec 2015
Several insurers and reinsurers have provided estimates of their insured losses from the 12 August Tianjin port explosions, with the combined total exceeding US$1.5 billion.
However, the total loss is still uncertain given the complexities of the incident, including business interruption and contamination claims.
One of the world’s biggest reinsurers, Swiss Re, said in a statement: “The explosion that destroyed part of the Chinese port city of Tianjin in August 2015 is likely to constitute one of the largest man-made loss events in Asia to date. Based on current information, Swiss Re provisionally estimates its loss from the explosion to be approximately $250 million before tax. However, as the situation continues to involve considerable uncertainties associated with the assessment of the damage, Swiss Re’s loss assessment is subject to change.”
The blasts destroyed buildings, infrastructure, cargo containers and thousands of new cars. They killed more than 170 people and injured more than 800.
The following list, which is not exhaustive, shows losses estimated by several companies: