* Regional insurers to bear brunt of Tianjin claims * policy losses could exceed $ 1 bln to $ 1.5 bln appraisal * Vehicle personnel casualty alone could be $ 300 mln -insurance body ( Adds reinsurers, fomite loss estimate, trade body comment ) FRANKFURT, Aug 18 ( Reuters ) – insurance claims from the annihilative explosions at the taiwanese port of Tianjin last week could exceed initial estimates and strain the finances of regional insurers, credit ratings means Fitch said on Tuesday.

Credit Suisse analysts estimated that sum insurance losses could amount to $ 1 billion to $ 1.5 billion, basing their calculations on chinese media reports, but Fitch said the poster could be higher. local anesthetic chinese insurers are probable to bear the brunt of the costs and it is ill-defined how much of their photograph will be transferred to reinsurance companies. “ The high indemnity penetration rate in this area could make the blasts one of the most costly calamity claims for the chinese insurance sector in the past few years, ” Fitch said. “ Claims from the blasts are likely to undermine the fiscal performance of some regional players and those property and casualty insurers with high risk collection in the feign areas. ” It was besides early on to say how the credit lastingness of China ’ sulfur indemnity sector as a unharmed would be affected, it added. If claims were to come in at the senior high school end of the forecast, it would represent more than 5 percentage of aggregate stockholder capital of the six leading insurers with exposure to Tianjin, Fitch estimated.

PICC Property and Casualty Company, Ping An Property & Casualty Insurance Company of China, China Pacific Property Insurance, China Continent Property & Casualty Insurance, Sunshine Property & Casualty Insurance and Taiping General Insurance are the most active insurers in the region, Fitch said. They account for closely 80 percentage of property and casualty premiums. property and casualty insurers in the area typically pass on about 10-15 percentage of risks to local and international reinsurers, Fitch said. China Reinsurance Group, which this month applied to carry out an initial populace extend, is the area ’ s biggest reinsurer, but other top spots in the commercialize are occupied by european players Swiss Re, Hannover Re, Munich Re and Scor. reinsurance officials on Tuesday said it was excessively early to comment on the likelihood or extent of claims their policy caller clients might pass along. “ A potential engagement ( in the claims ) is possible, ” a Hannover Re spokeswoman said. Zurich Insurance and Allianz are among the foreign insurers who have received claims stemming from the blasts on Wednesday, which killed more than 100 people and destroyed or damaged about 10,000 cars at Tianjin, the universe ’ mho third-largest port by cargo volume. The IUMI marine policy body said that losses on motor vehicles alone in Tianjin could amount to $ 300 million.

“ Container losses are likely to be spread among many marine cargo insurers but drive vehicle policy is a specialist sector and so that market is likely to be hit hard, ” said Nick Derrick, president of the IUMI ’ s cargo committee. extra coverage by Elzio Barreto in Hong Kong ; Editing by Thomas Atkins and David Goodman Our Standards : The Thomson Reuters Trust Principles .

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