Guy Carpenter News

Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.Overall insured losses - including property damage - from the August 4 port warehouse detonation of more than 2,000 tonnes of ammonium nitrate may reach around $3 billion, sources told Reuters last week.The explosion killed at least 163 people, injured more than 6…

Reinsurance rates in the marine sector continued to fall at the start of the year, in spite of the huge cost of explosions at China's Tianjin port last August, reinsurance broker Guy Carpenter said on Thursday. Rising competition to offer reinsurance and slower activity in China, were two factors depressing rates, it said. The blasts at Tianjin caused insured losses of up to $3.3 billion, Guy Carpenter has estimated, while reinsurer Swiss Re has called it the largest man-made insurance loss in Asia. The explosions killed more than 170 people. "Tianjin has had little or no impact on marine pricing," Chris Klein, head of EMEA strategy management at Guy Carpenter, told a news conference.

Explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least $1.5 billion, and were having a "significant impact" on the marine insurance sector, a trade body said on Tuesday. "We are expecting to see cargo losses of at least $1.5 billion, with some reports stating that the final figure could be as high as $6 billion," Nick Derrick, chairman of the International Union of Marine Insurance's cargo committee, said in a statement. The incident should provide a "substantial wake-up call to all cargo insurers", he added. Reinsurance broker Guy Carpenter, a unit of Marsh & McLennan , said earlier this month that insurance losses for buildings, cargo, containers and property as a result of the explosions could total up to $3.3 billion.