Insurance firms facing US$1.5b losses
Print Edition
THE Tianjin explosions could generate total insurance losses of up to US$1.5 billion, Credit Suisse analysts said yesterday, citing initial estimates based on Chinese media reports.
The blasts at the world’s third-largest port, in terms of total cargo volume, damaged a large industrial area and sent shockwaves across several kilometers.
Insurance companies including Zurich Insurance Group AG and Allianz SE said last Friday that they had received claims from clients affected by the disaster but could not provide any estimate of potential losses.
“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 US$1-US$1.5 billion and a large number of insurance companies affected,” analyst Arjan van Veen said yesterday in a note, in which he compiled estimates from a range of Chinese media reports.
Credit Suisse said those affected would be mostly Chinese insurance companies as well as international groups that either insure multinationals or provide re-insurance coverage.
As of last night, automakers had confirmed 4,950 cars damaged in the blast, with most saying the vehicles were insured but declining to provide additional details.
Volkswagen said 2,700 of its imported vehicles had been damaged and were mostly “unsellable,” according to a spokeswoman.
The number of cars damaged could climb above 10,000 when accounting for all the vehicles in the area as automakers struggle to assess the damage.
Hyundai said 4,000 of its cars were parked in the vicinity, but it couldn’t gain access to confirm damage, while Renault’s China joint venture has only been able to confirm damage to 1,500 of its vehicles.
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