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International

Risk accumulation aggravated Zurich Insurance's losses from Tianjin explosions

February 23, 2016 Reprints

Tom de Swaan, chairman of Zurich Insurance Group A.G., said that accumulation of risk aggravated its losses from the Tianjin explosions in 2015, Bloomberg reported.

The insurer is fixing its procedure for detecting risks after miscommunication among its units resulted in increased Tianjin loses.

Zurich Insurance suffered losses of $275 million due to the explosion.

Some units of Zurich Insurance insured risks at the port without realizing that other parts of the insurer had already written similar policies.

"We have already strengthened our accumulation management," added Mr. de Swaan.

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Risk accumulation aggravated Zurich Insurance's losses from Tianjin explosions

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