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Insured losses from Tianjin blasts could total up to $6 billion: IUMI official

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Patrizia Kern-Ferretti, an official at the International Union of Marine Insurance, has said that insured losses from China's Tianjin port explosions are likely to total between $5 billion and $6 billion, reported Artemis.bm.

Ms. Kern-Ferretti said that about 70,000 cars are likely to have been in the port area during the blasts. Loss exposure for some ILS funds to the blasts is likely to grow and there could also be exposure in some reinsurance sidecars.

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