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Home / Insurance / Insured losses from the Beirut explosion seen about $ 3 billion: Sources

Insured losses from the Beirut explosion seen about $ 3 billion: Sources



(Reuters) Insured losses from Beirut's port warehouse explosion are likely to amount to about $ 3 billion, similar to those from an explosion in the Chinese port of Tianjin in 2015, industry sources and analysts say.

The explosion on Tuesday, the largest in Beirut's history, killed 154 people, destroyed a stretch of the city and sent seismic shock waves around the region.

Officials have said the blast may have caused $ 15 billion in financial losses. [19659002] Many of these would not have been insured.

However, Swiss Re estimated the insured losses for explosions in a warehouse in Tianjin, which killed at least 116 people, between $ 2.5 billion and $ 3.5 billion.

a comparison with Tianjin, you will see significant insured losses, says Ghislain Le Cam, director, analyst at AM Best Co. Inc.

An insurance source, which asked not to be named due to the sensitivity of the issue, estimated the insured losses for the Beirut explosion at approximately $ 2 billion to $ 3 billion.

It includes claims from the port itself for property damage and business interruptions, which can amount to "low hundreds of millions" of dollars.

Munich Re said this week the explosion was likely to lead to large claims, but it could not yet provide an estimate. [1

9659002] Axa and Allianz, two major international insurance companies operating in Lebanon, also said it was too early to give any figures.

The losses were high in Tianjin partly due to the value of thousands of imported cars stored in the port. [19659002] In Beirut, the blast destroyed Lebanon's only large grain silo. Lebanon, a nation of an estimated 6 million people, imports almost all wheat.

While losses related to goods stored in the port of Beirut were likely to be lower than in Tianjin, they would still be significant, said a second source,

But the Beirut explosion also destroyed residential and commercial properties, including restaurants and hotels. , which sources said would probably make up the bulk of insurance claims.


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