Tianjin insurance claims likely to be close to £1bn

Tianjin insurance claims likely to be close to £1bn

The insurance claims from the giant series of explosions that rocked the Chinese port city of Tianjin 12 days ago could be as high as £1bn, early estimates suggest.

The death toll from the inferno at a warehouse near the port could top 200.

Credit Suisse has issued a report suggesting the insurance claims could total nearly £1bn. The huge claims should lead to Beijing looking at diversifying its insurance risks, John Nelson, chairman of Lloyd’s of London’s reinsurance market, has suggested this week. Nelson said the Tianjin tragedy served as an important “wake-up call” for Beijing to liberalise its insurance and reinsurance sectors, allowing foreign firms greater access.

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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