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China Re estimates losses from Tianjin blasts up to $174 million

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China Reinsurance (Group) Corp. has said that it is likely to incur losses up to 1.1 billion Chinese yuan ($174 million) from the explosions in China's Tianjin port in August, Asia Insurance Review reports.

"These estimated losses are primarily attributable to the commercial property and cargo lines of business in our property/casualty reinsurance segment and the commercial property, cargo and motor lines of business in our primary property/casualty insurance segment," said China Re.

The reinsurer added that the losses from the explosion would have a negative effect on its net profit for 2015.

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