(Bloomberg) — Insurer Talanx AG's $122 million loss from port explosions at Tianjin, one of China's worst industrial disasters, takes the net hit incurred by insurers across Europe, the U.S., Bermuda and Asia to at least $2 billion, according to filings by 27 companies.
That's at the lower end of an initial estimate by reinsurance broker Guy Carpenter of $1.6 billion to $3.3 billion after 173 people died following the Aug. 12 explosions. It's the fourth most costly man-made disaster ever for the industry based on current estimates and adjusted for inflation, according to Swiss Re AG's Economic Research and Consulting unit.
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