Asia Capital Re estimates Tianjin loss at $26m

Asia Capital Re has estimated its net loss relating to the 12 August explosion in the port of Tianjin, China, to be approximately $26 million.

Due to the complexity and inherent uncertainties of the Tianjin event, Asia Capital Re said the loss assessment may be subject to change.

The company said its ultimate net loss from the Tianjin incident is an earnings event well within the expected volatility inherent in its portfolio.

Asia Capital Re’s estimate is based on a review of its contractual exposures across its lines of business, clients’ assessment of losses and estimated damage ratios.