Tianjin claims some of the most complex ever seen
The recent explosions and subsequent losses in Tianjin, China, will likely be one of the biggest man-made losses ever to have occurred in Asia.
This is according to a report by Guy Carpenter, which added that the losses will ultimately be considered one of the most complex claims in recent history.
The report by the broker called Port of Tianjin Explosions provides initial loss estimates and outlines the many variables involved in assessing the losses emanating from the two massive initial explosions that occurred at Tianjin Port on August 12 of this year. In part, the findings are based on Guy Carpenter’s satellite-based catastrophe evaluation service.
The fireball and shock wave from the explosions blasted shipping containers; incinerated vehicles in the port and on an adjacent highway overpass; destroyed warehouses, production facilities and dormitories; impacted the nearby Donghai Road railway station and blew out windows within residential structures for several kilometers.
“The explosions that occurred in Tianjin, China are likely to constitute one of the largest insured man-made losses to date in Asia and will certainly be considered one of the most complex insurance and reinsurance losses in recent history,” said James Nash, chief executive officer (CEO) of Asia-Pacific operations for Guy Carpenter.
While access to the site is limited, CAT-VIEW, Guy Carpenter’s satellite-based catastrophe evaluation service, was able to utilise high resolution pre- and post-event satellite imagery to understand what exposures were present at the time of the blast and therefore could contribute to the loss.
The report outlines the complexity of the event from an insurance and reinsurance perspective and provides a preliminary estimate of insured losses from many classes including: containers; cargo in containers; property; automobiles; and general aviation.
