Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say. The blast on Tuesday, the biggest in Beirut’s history, killed 154 people, destroyed a swathe of the city and sent seismic… Continue reading Sources: Insured Losses from Beirut Explosion Estimated at $3B
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AM Best Comments on Port Explosion in Beirut
AM Best is monitoring the situation in Beirut, Lebanon, following the devastating explosion at the city’s port on Tuesday, August 4. The cause of the explosion, which resulted in many casualties and considerable damage is still under investigation. As the situation is unfolding, the likely effect on the local insurance market remains uncertain at this… Continue reading AM Best Comments on Port Explosion in Beirut
Beirut Explosion Likely to Be A Major Loss for Hannover Re, Exec Says
It is “pretty certain” that the Aug. 4 explosion the Lebanese capital of Beirut will be “a major loss” for Hannover Rück SE, according to the reinsurer’s property and casualty head, Sven Althoff. Hannover Re classifies major losses as those that generate claims in excess of €10 million, gross of retrocession. Althoff added that it… Continue reading Beirut Explosion Likely to Be A Major Loss for Hannover Re, Exec Says