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Allianz Global Corporate & Specialty A.G.'s Safety and Shipping Review 2016 revealed that the insured losses from the August 2015 Tianjin explosions in China have now been pegged at $4 billion, reports Asia Insurance Review.
"If as expected, half of the now estimated $4 billion insured losses arising out of the Tianjin explosions end up falling to the marine insurance industry, it will severely impact the profitability of global marine insurers," an AGCS official said in the review.