Allianz SE, Europe’s biggest insurance company, said it doesn’t expect “major” financial losses from explosions at a chemical storage site in China, as the death toll from the disaster increased.
“While it is too early to assess all claims fully, based on our initial review of exposures, we expect to receive a limited number of claims from this incident,” the Munich-based firm said in an e-mailed response to questions Monday.
Zurich Insurance Group AG said that it was still evaluating insured losses from companies in the industrial port city of Tianjin. The Chinese regulator has instructed all companies to report on progress toward paying out damages and to disclose claims speedily and comprehensively, it said.
At least 114 people were killed and 70 are still missing after the blasts in Tianjin last week. Many carmakers and suppliers store vehicles and ship parts in warehouses in the city about 120 kilometers (70 miles) southeast of Beijing. Insured claims may total as much as $1.5 billion, Credit Suisse Group AG said in a report on Monday, citing initial information in local media.
“We have received some claims notifications and are currently analyzing the total situation,” Zurich said in an e- mailed response to questions. “Impacted business lines are among others property, marine and employer liability.”
Too Early
Munich Re, the world’s biggest reinsurer, said it was too early to assess the extent of any claims. Swiss Re, the second- largest, will issue a public statement should claims against the company exceed $200 million, said Carolyn Bandel, a spokeswoman for the company.
Executives of Tianjin Dongjiang Port Rui Hai International Logistics Co., the operator of the location of the explosions, are in police custody, Xinhua news agency said last week. Shipping and logistics operations at the port were still disrupted Friday.
Toyota Motor Corp. on Sunday said three of its production lines in China will stay shut through Aug. 19 because of evacuation advisories still in effect.