Tianjin port explosions News

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 …

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 …

Fire Kills 10 in China’s Tianjin Port City Where Deadly Explosions Occurred in 2015

Ten people died and five were injured in a fire early Friday [Dec. 1] in a northern Chinese port city where scores were killed in an explosion two years ago. The fire department in Tianjin said the blaze broke out …

Global Insurance Premiums up 3.8% in 2015, Despite Trade Slowdown: Swiss Re

Despite a challenging business environment and global trade slowdown in 2015, global direct premiums written grew by 3.8 percent in real terms, up from 3.5 percent in 2014, according to Swiss Re’s latest sigma report. However, in nominal US dollar …

Low Interest Rates, Soft Market Pricing Hit London Market Insurers: Fitch

The negative impact of low interest rates and soft market pricing on London market insurers has been partially offset by low levels of large claims, according to Fitch Ratings in a special report. London market insurers tend to hold a …

Insurance Claims from China’s Tianjin Port Blasts Rise to $3.5B: Swiss Re’s ‘sigma’

Insurance payouts from the chemical blasts at the Chinese Port of Tianjin last year could total up to $3.5 billion, reinsurer Swiss Re said on Wednesday, in what would be the largest ever man-made loss in Asia. The estimate of …

2015 Global Insured Losses Lowest Since 2009 Despite El Niño Effects: Carpenter

One of the strongest El Niño periods on record and a positive phase of the North Atlantic Oscillation were the climate drivers in 2015 that led to an exceptional season of Pacific tropical storms and severe windstorms and flooding in …

Lloyd’s Profit Drops 30% in 2015 on Weak Prices and Lower Investment Income

Lloyd’s of London reported a 30 percent drop of full-year profit as the world’s largest insurance market was hurt by continued pressure on pricing and the lowest investment returns since at least 2001. Earnings declined to 2.1 billion pounds ($3 …

Update: Zurich Insurance Weighs Sale of Hong Kong & Singapore Units

Zurich Insurance is exploring a sale of its Hong Kong and Singapore operations as it reviews its non-core businesses outside Europe, sources familiar with the matter said. The Swiss insurer has discussed the plan with several investment banks but has …

Capital Adequacy Is Key Strength of Reinsurers in Difficult Market: S&P

Strength of capital and good enterprise risk management are two of the main reasons the global reinsurance industry will be able to maintain a stable outlook during 2016 from Standard & Poor’s Ratings Services, despite the many competitive pressures it …