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Munich Reinsurance Co. has said that damage claims from the recent explosions at China's Tianjin port would not affect its forecast to earn at least €3 billion ($3.4 billion) in 2015, reported Reuters.
Torsten Jeworrek, an official at Munich Re, has said that the reinsurer sees industry forecasts for an insured market loss of $1.6 billion to $3 billion from the explosion as realistic. "It will be a large loss for us and many other players in the market," said Mr. Jeworrek, adding that the claims are likely to be within the reinsurer's budget for such losses.