Aspen Estimates Tianjin Explosion to Cost $30 Million; Nat Cats Total $20 Million

Bermuda-based Aspen Insurance Holdings Limited estimates its Aspen Re subsidiary lost approximately $50 million from the August 12 explosion in the Port of Tianjin, China, and from natural catastrophes during the third quarter of 2015.

Approximately $30 million of these total pre-tax losses, net of reinsurance and reinstatement premiums, related to the explosion in Tianjin, Aspen said.

Aspen also estimates pre-tax losses of up to $20 million related to natural catastrophes in the third quarter of 2015. Within the estimated natural catastrophe losses, the largest events were wildfires in Washington State in the U.S., and an earthquake in Chile.

In the absence of significant client loss reporting in respect of both the Tianjin explosion and the natural catastrophes, the company said it has based its estimates primarily on market information and exposure analysis.

“Due to the complexity of the events and the uncertainty in its assumptions, Aspen’s actual ultimate loss may vary materially from these estimates,” the company said.

Source: Aspen Insurance Holdings Limited