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Tianjin explosions cost insurers nearly $2 billion

Posted On: Nov. 19, 2015 12:00 AM CST

Filings by 26 insurers indicate that the explosions at China's Tianjin port in August cost insurers across the globe nearly $2 billion, reports Bloomberg.

Swiss Re Ltd.'s economic research and consulting unit said that the Tianjin event was the fourth most expensive man-made disaster for the insurance industry based on current estimates and adjusted for inflation. Zurich Insurance Group Ltd. suffered the biggest loss of $275 million from the blasts.

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