The company has released a report that estimates damages to be worth between $1.6bn and $3.3bn, more than double early estimates released by Credit Suisse of $1bn to $1.5bn.
The report provides initial loss estimates and outlines the many variables involved in assessing losses emanating from the two massive initial explosions that occurred at Tianjin Port on August 12.
“The explosions that occurred in Tianjin, China, are likely to constitute one of the largest insured man-made losses to date in Asia and will certainly be considered one of the most complex insurance and reinsurance losses in recent history,” commented James Nash, CEO of Asia Pacific Operations for Guy Carpenter.
The fireball and shock wave from the explosions blasted shipping containers; incinerated vehicles in the port and on an adjacent highway overpass; destroyed warehouses, production facilities and dormitories; impacted the nearby Donghai Road Railway Station and blew out windows within residential structures for several kilometers.
