Tianjin insurance losses up to $3.5 bln
Thursday, 03 31 2016, Category: Insurance and Reinsurance, Country: Asia
Insurance payouts from the chemical blasts at the Chinese port of Tianjin last year could total up to $3.5 billion, reinsurer Swiss Re said on Wednesday, in what would be the largest ever man-made loss in Asia.
The estimate of $2.5-3.5 billion in insured losses exceeds a previous estimate of at least $2 billion made in December, the reinsurer said in its latest "sigma" study of global disasters, adding the latest estimate was also subject to revision.
Reinsurance broker Guy Carpenter has also said insurance losses from Tianjin, which killed around 170 people and destroyed more than 300 buildings and around 20,000 vehicles and containers, could be as high as $3.3 billion.