Tianjin damages could hit $3.3bn

Tianjin damages could hit $3.3bn

The total costs of the damages wrought by the giant explosions at Tianjin port last month could be as high as $3.3bn, far higher than original estimates, according to reinsurance specialist Guy Carpenter & Company, part of Marsh & McLennan.

The firm said in a report out today it had used high definition satellite images to evaluate how buildings, cargo, containers and property around the port were affected by the blasts.

The death toll from the blasts at a warehouse on August 12 stands at 160.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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