Beirut port explosion: accident or act of terrorism?

According to the World Bank's estimates, the damages caused by the Beirut port explosion are believed to range between 3.8 billion USD and 4.6 billion USD.

By the end of March 2021, the insurers’ customer compensations reached 1 591 billion LBP (1.05 billion USD), that is 7.9% of the total claims.

Insurers and reinsurers still await the results of the investigation on the origins of the explosion. In order to be able to identify the insurance policies concerned by the disaster, insurers need to know whether the loss was caused by an accident or by an act of terrorism.

Reinsurers would be heavily impacted by the event. Swiss Re has set aside a reserve of 222 million USD in Q4 2020. The losses of Munich Re and SCOR were established at 100 million EUR (118.6 million USD) and 44 million EUR (51.5 million USD) respectively.