Zee Media Bureau
New Delhi: A series of explosions that rocked China's city Tianjin that killed 114 people and injured more than 700 could result in insurance losses of between $1 billion and $1.5 billion, according to Credit Suisse analysts.
Chinese insurers across numerous sectors -- property, casualty and life -- will be impacted by the blasts, Credit Suisse analysts wrote in a research note.
China's insurance companies have already received hundreds of property, car and employer liability claims, including Ping An, China Pacific and China Life.
Local Chinese insurers are set to bear the brunt of the costs and it is not clear how much of their exposure will be transferred to reinsurance companies.
Other companies affected by the blast include automaker Hyundai Motor, which has said it suffered about $136 million of damage to 4,000 card parked in the area.
