Early Tianjin insurance claims expected to hit US$1 billion - $1.5 billion
Time：2015-08-19
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Zurich Insurance Group and Allianz said they had received claims from clients that had been affected by the disaster, but could not provide any estimate of the potential losses, Reuters reported.
"Based on the available information, we do not anticipate major financial claims to arise from this incident, but we continue to assess the situation," said Europe`s largest insurer Allianz.
Credit Suisse said most affected would be Chinese underwriters as well as international groups that either insure multi-nationals or provide re-insurance coverage.
Said analyst Arjan van Veen: "It is still very early to determine the level of insured losses, but the event is likely to be large with initial insured loss estimates of $1-$1.5 billion and a large number of insurance companies affected,"
Separately, another report in the state-run Science Daily said there were at least 700 tons of sodium cyanide at the site, far in excess of the 10 tons it was licensed to handle.
The chemical, which is used in the mining of gold, is extremely lethal in tiny amounts and can release a deadly and flammable gas.