Beirut port explosion News

Munich Re Expects Beirut Losses of €100 Million; Sees Slowdown in COVID-19 Losses

Munich Re said it faces claims of at least 100 million euros ($118 million) stemming from the deadly explosion that ravaged much of downtown Beirut last month. The German reinsurer said losses in the “low three-digit-million euro range” are expected, …

Lebanon’s Insurance Claims from Beirut Port Blast Total $425 Million, So Far

Insurance claims toward the massive explosion at the Port of Beirut have so far reached $425 million, according to a minister. Caretaker Economy Minister Raoul Nehme said 2,500 claims have been filed, according to the presidency’s Twitter account. The ministry …

Middle East Insurers Likely to Absorb Bulk of Losses from Beirut Port Blast: Sources

Insurers in the Middle East are expected to absorb a large part of the losses from Beirut’s explosion last week with Lloyd’s of London and other international players expected to be less exposed, insurance industry sources said. Lebanese officials have …

Major Reinsurers Brace for Large Losses from Beirut Port Blast

Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut. Property damage alone from the blast, which killed more than 150 people …

Marine Insurance Losses Likely to Be Under $250M from Beirut Port Blast: Carpenter

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday. Overall insured losses …

Beirut Port Explosion to Cost Insurers Approximately $3 Billion: Sources

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 …

Ships Diverted to Tripoli to Keep Lebanon Supply Lines Running After Beirut Port Blast

Leading container lines are diverting ships to Lebanon’s smaller terminal of Tripoli after the devastating explosion at Beirut’s port that killed 145 people also paralyzed vital trade. Lebanon, which imports almost all it uses, relies on container ships to bring …

After Beirut Port Explosion, AM Best Comments on Potential Insurance Exposures

The devastating explosion at the Beirut’s port on Tuesday, Aug. 4 caused many casualties and considerable damage, but local insurance penetration rates in Lebanon generally are low, said AM Best in a market commentary. For the international market, however, marine …