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China explosions likely to cost insurers more than $1.5 billion

Posted On: Aug. 17, 2015 12:00 AM CST

China explosions likely to cost insurers more than $1.5 billion

The recent twin explosions in the port of Tianjin, China, are likely to cost insurers more than $1.5 billion in claims, reports Business Standard citing the Press Trust of India.

The blasts have claimed 112 lives and left more than 720 injured.

The explosions destroyed hundreds of newly imported cars kept in the large holding of the port, media reports said.

Official Chinese media reported that property damage claims are likely to total 5 to 10 billion Chinese yuan ($782.5 million to $1.56 billion).

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