Chinese explosions trigger $50m Aspen losses

Bermuda-based insurer and reinsurer Aspen expects losses of up to $50m from claims relating to the Chinese explosions and other natural catastrophes.

Aspen estimates losses of $30m for the explosion in Tianjin, China, on August 12, which ripped apart the Northern coastal port. This is net of reinsurance and reinstatement premium.

Another $20m will come from natural catastrophe losses, the largest events were wildfires in Washington State in the US and an earthquake in Chile. 

The company said in a statement: “In the absence of significant client loss reporting in respect of both the Tianjin explosion and the natural catastrophes, we have based our estimates primarily on market information and exposure analysis, among other factors.

“Due to the complexity of the events and the uncertainty in its assumptions, Aspen’s actual ultimate loss may vary materially from these estimates.”