Magazine date:
May 2016 The amount of damage caused by the explosion of the port of Tianjin, which occurred in August 2015, is now estimated at 4 billion USD by Allianz Global Corporate & Speciality.
Almost half of this amount is borne by marine insurers. Marine cargo insurers could see their 2015 loss ratios deteriorating by almost 7%, while rates are at a historic low.
The explosion killed 173 people and injured hundreds. This disaster shows that the accumulation of exposures in logistics centers has greatly increased causing serious problems in supply chain.
Tianjin is one of the global leading ports in terms of cargo tonnage.
According to the International Union of Marine Insurance, the loss could reach 5 to 6 billion USD.