Munich Re, XL Group and Allied World are among the latest insurers and reinsurers disclosing catastrophe costs stemming from the Tianjin port explosion in China earlier this fall, and the hits range from substantive to slight.
Munich Re disclosed a “net expenditure” of nearly $190.1 million stemming from the August Tianjin explosion. The German reinsurer noted this event was also its largest man-made loss for the 2015 third quarter.
XL Group – the parent company of the newly merged insurance carrier XL Catlin – disclosed its Tianjin losses totaled $95.7 million, net of reinsurance and reinstatement premiums. The hit contributed to an uptick in XL Catlin’s P/C combined ratio for the 2015 third quarter, which came in at 95.3, up from 90.1 in the 2014 third quarter, according to the company.
Allied World, the Swiss insurer and reinsurer, said it took on net catastrophe losses of $28.9 million due to Tianjin-related costs.
Insurer claims tallies from Tianjin have been trickling in throughout the fall.
Swiss Re said the catastrophe would leave it with a $250 million claims burden. PartnerRe, on the other hand, said its Tianjin-related losses will hit between $50 million and $70 million pre-tax. Validus Holdings Limited estimated it sustained just under $44 million in losses from Tianjin. Zurich Insurance, meanwhile, said it lost $275 million due to Tianjin-driven costs.
Guy Carpenter estimated that combined insurance losses from the Tianjin explosion could reach as high as $3.3 billion.