XL announces $100m losses from Tianjin explosions
Global insurance and reinsurance firm XL Group has estimated it accumulated $100 million of preliminary losses from the mid-August 2015 explosions in Tianjin, China.
The firm said 30 percent of these pre-tax losses are attributable to the insurance segment and 70 percent affect the reinsurance segment.
XL Group also accumulated $30 million of preliminary losses in the third quarter of the year from natural peril catastrophes, mostly attributable to the reinsurance segment. Natural peril catastrophes include the Chilean earthquake and development on prior quarter events, the majority of which pertain to the 2015 US winter storms.
The company’s preliminary loss estimates are based on its review of individual treaties and policies expected to be impacted and client data received to date and has taken into account current total insured market loss estimates, from both published sources and the company’s internal analyses.
Given that there is currently a wide range of estimates for the extent of total economic and insured industry losses for these events, the company’s loss estimates involve the exercise of considerable judgment and are accordingly subject to revision as additional information becomes available. Actual losses may differ materially from these preliminary estimates, according to XL.
