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Navy losses from Beirut explode below $ 250 million: Brokers



(Reuters) – Insurance claims for damage to ships, goods and the port after a stock explosion last week in the port of Beirut will probably amount to less than 250 million dollars, said reinsurance broker Guy Carpenter & Co. LLC on Monday.

In total, insured losses, including property damage, from the August 4 port stock detonation of more than 2,000 tons of ammonium nitrate could amount to about $ 3 billion, sources told Reuters last week.

The explosion killed at least 163 people, injured more than 6,000 and destroyed beaches in the Mediterranean capital.

Guy Carpenter said that his ship tracking data showed that 10 ships were within 1.6 kilometers of the explosion.

"We expect these vessels to have caused damage," the broker said in a report. "Many other ships were within a radius where sporadic damage may have occurred."

There was still "significant uncertainty" about insured losses, but an early analysis suggested hull, cargo and port facility losses of less than $ 250 million, says Guy Carpenter.

While insurance penetration in Lebanon is low, commercial and industrial properties near the port were likely covered by international insurance companies, the broker said.

Other industry sources also say that most of the insurance losses would probably relate to major property damage. in Beirut.

Liberty Mutual Insurance Co. said claims of between $ 25 million and $ 50 million were expected from the blast without specifying the types of protection suffered.

Axa XL, Axa's commercial real estate / non-life insurance unit, said it had exposure in Lebanon but it and other insurance companies and reinsurers said it was too early to give a loss estimate.


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