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Losses from Chinese port explosions seen at up to 2.16 billion pounds

Published 04/09/2015, 07:53
Updated 04/09/2015, 07:57
© Reuters. Drone operated by paramilitary police flies over the site of last week's explosions at Binhai new district in Tianjin, China
CSGN
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HONG KONG (Reuters) - Explosions in the Chinese port of Tianjin last month could generate insurance losses of up to $3.3 billion (2.16 billion pounds), reinsurance specialist Guy Carpenter & Company said in a report on Friday, nearly double what some analysts had originally thought.

Guy Carpenter, the risk and reinsurance unit of Marsh & McLennan Co Inc, used high definition satellite images to evaluate how buildings, cargo, containers and property around the port were affected by the blasts, the company said.

© Reuters. Drone operated by paramilitary police flies over the site of last week's explosions at Binhai new district in Tianjin, China

The damages are seen between $1.6 billion and $3.3 billion, compared with between $1 billion and $1.5 billion Credit Suisse (SIX:CSGN) analysts had estimated days after the blast in August.

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