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Guy Carpenter & Company L.L.C. said in a report that losses from the recent blasts at China's Tianjin port are likely to total up to $3.3 billion, reported Asia Insurance Review.
The explosions "are likely to constitute one of the largest insured man-made losses to date in Asia and will certainly be considered one of the most complex insurance and reinsurance losses in recent history," said a Guy Carpenter spokesman.
The blasts caused damage to shipping containers, destroyed warehouses, production facilities, dormitories, vehicles and other facilities in the nearby areas.