Tianjin Explosions To Cost Insurers Almost $2B

November 19, 2015

The explosions in Tianjin, China will cost insurers across Europe, the U.S., Bermuda and Asia almost $2 billion, according to Bloomberg.

The Bloomberg story said “Insurer Talanx AG’s $122 million loss from port explosions at Tianjin, one of China’s worst industrial disasters, takes the net hit incurred by insurers across Europe, the U.S., Bermuda and Asia to almost $2 billion, according to filings by 26 companies.

“It’s the fourth most costly man-made disaster ever for the industry based on current estimates and adjusted for inflation, according to Swiss Re AG’s Economic Research and Consulting unit.

“The biggest man-made loss for insurers remains the Sept. 11, 2001 terrorist attacks in the U.S., which cost the industry $25.2 billion, the Swiss Re data shows. The second largest was the 1988 explosion on the Piper Alpha oil and gas platform off the U.K. which cost the industry almost $3 billion, when adjusted for inflation.”

Read More About

Category: All, Business