Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say.
FILE PHOTO: A soldier stands at the devastated site of the explosion at the port of Beirut, Lebanon August 6, 2020. Thibault Camus/Pool via REUTERS/File Photo
“Drawing a comparison with Tianjin, you will see significant insured losses,” said Ghislain Le Cam, director, analytics at AM Best. Munich Re said this week the explosion would likely result in big claims, but it could not yet give an estimate. In Beirut, the blast destroyed Lebanon’s only large grain silo. Lebanon, a nation of an estimated 6 million people, imports almost all of its wheat.
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