Two insurers take combined hits of $150m from Tianjin blast

Two more insurance companies have released their estimated losses fro the disaster in China.

Insurance News

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Aspen Insurance Holdings has revealed that it initially estimates approximately $50m in total pre-tax losses largely related to the explosion in the port of Tianjin, China in August, and other natural disasters in the third quarter.
 
Aspen estimates approximately $30m of the total pre-tax losses, net of reinsurance and reinstatement premiums, is related to the explosion in Tianjin. A further $20m of estimated pre-tax losses, net of reinsurance and reinstatement premiums, is related to natural catastrophes such as wildfires in Washington State in the US, and an earthquake in Chile.
 
The total estimated losses primarily impact Aspen’s Reinsurance segment but the company added that due to the complexity of the events and the uncertainty in its assumptions, its actual ultimate loss may vary materially from these estimates.
 
In related news, XL Group, which operates under the XL Catlin brand, also said that its preliminary estimated losses related to the Tianjin port explosion are approximately $100m, of which approximately 30% of this is attributable to the insurance segment and 70% to the reinsurance segment.
 
Preliminary estimated losses related to natural peril catastrophes for the third quarter are approximately $30m, primarily attributable to the reinsurance segment.
 

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