man-made disaster

The recent fire at a floating dock in the shipyard of luxury super yacht manufacturer Lürssen has been designated as a loss event to track by Property Claim Services (PCS) through its PCS Global Marine & Energy product.

Global reinsurance firm Swiss Re said today that its estimate for the insured property losses resulting from the Tianjin, China port explosions last summer could be as high as $3.5 billion, saying that significant uncertainty remains in the estimates, perhaps suggesting it could creep even higher.

The insurance and reinsurance industry loss from the Tianjin, China port explosions last summer could creed up to somewhere between $5 billion to as much as $6 billion, according to reports, threatening a growing loss exposure for some ILS funds.

The insurance and reinsurance industry loss from the Tianjin port chemical storage facility explosions in China could help to moderate price declines at the all-important January reinsurance renewal season, according to J.P. Morgan Cazenove analysts.

The insurance and reinsurance industry loss from the Tianjin chemical storage facility explosions in China continues to evolve, with estimates now suggesting $3 billion or higher. Some ILS funds remain exposed, but any actual losses are expected to be minimal.

The insurance and reinsurance industry losses from the explosions at the Chinese Port of Tianjin are expected to range from $1.6 billion to as much as $3.3 billion by broker Guy Carpenter, making the blasts one of Asia’s largest man-made loss events.

A number of insurance-linked securities (ILS) or reinsurance-linked investment funds have reported a potential exposure to the recent Tianjin chemical storage facility explosion in China, but any impact to the ILS market is expected to be extremely minimal.

There is an expectation that some of the claims from the recent explosion at chemical storage facilities in Tianjin, China, will be passed onto reinsurance companies. Rating agencies expect losses from the blasts will hit reinsurers, but stress that the amount is uncertain at this time.

The insurance and reinsurance industry losses from the recent chemical explosion at the Chinese port facilities of Tianjin could reach as high as $1.5 billion, according to analysts at Credit Suisse. Meanwhile Fitch Ratings later said that there is a chance the insured loss could pass that level.

Demonstrating the need to increase financial protection against weather, climate and water related disasters, a new report from the WMO shows that between 1970 and 2012 the global economy suffered a huge $2.4 trillion of losses as a result of these events.