Claims from Tianjin blasts to have no effect on Munich Re's 2015 profit forecast

Munich Reinsurance Co. has said that damage claims from the recent explosions at China's Tianjin port would not affect its forecast to earn at least €3 billion ($3.4 billion) in 2015, reported Reuters.

Torsten Jeworrek, an official at Munich Re, has said that the reinsurer sees industry forecasts for an insured market loss of $1.6 billion to $3 billion from the explosion as realistic. "It will be a large loss for us and many other players in the market," said Mr. Jeworrek, adding that the claims are likely to be within the reinsurer's budget for such losses.

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