Initial insurance losses from Tianjin blasts seen at $1 bln-$1.5 bln

Hong Kong - Insurance companies including Zurich and Allianz said on Friday they had received claims from clients that had been affected by the disaster but could not provide any estimate of the potential losses.

Hong Kong - Two explosions in the Chinese port city of Tianjin that killed more than 100 people last week could generate total insurance losses of between $1 billion and $1.5 billion, Credit Suisse analysts said citing initial estimates from Chinese media. Insurance companies including Zurich and Allianz said on Friday they had received claims from clients that had been affected by the disaster but could not provide any estimate of the potential losses. Chinese insurers are also expected to be affected. “It is still very early to determine the level of insured losses, but the event is likely to be large with initial insured loss estimates of $1-$1.5 billion and a large number of insurance companies affected,” analyst Arian van Veen said on Monday in a note, in which he compiled estimates from a range of Chinese media reports.

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