Insurers face millions in claims from recent China blasts

China Taiping Insurance Holdings Co. Ltd. has said that it faces up to 90 million Chinese yuan ($14 million) in claims from the recent explosions in the nation's Tianjin port, Asia Insurance Review reports.

EJ Insight reported that it faces up to CNY 70 million in property/casualty compensation and CNY 10 million of reinsurance payouts. China Continent Property and Casualty Insurance Co. Ltd.'s exposure to a local automobile trading firm is CNY 300 million ($47 million). Ping An Insurance Co. of China Ltd. said its exposure to claims could reach up to CNY 500 million.

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