Validus estimates losses from Tianjin explosion

Re/insurance company Validus Holdings has estimated that its losses relating to the explosion at the port of Tianjin, China, on August 12, and the earthquake in Chile on September 16, could reach $63.9 million.

The net impact to Validus is based on the company’s internal models, external reports and other information on the event, and loss reporting from impacted re/insureds.

The absence of significant client loss reporting on these events has caused the loss estimates to be established primarily on the basis of exposure analysis and industry loss estimates, the company said.

Due to limited reported losses, the complexity of the events and uncertainties inherent in this preliminary information, Validus’ actual ultimate losses from these events may vary materially from this initial estimate.