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.