18 October 2015News

Aspen estimates $30m loss from Tianjin blast

Bermuda-based Aspen Insurance Holdings has made preliminary estimates of losses relating to the explosion in the port of Tianjin, China, in August and other natural disasters in the third quarter of 2015.

The re/insurer has estimated it incurred pre-tax losses of $50 million the events mainly impacting its reinsurance segment.

Approximately $30 million of the pre-tax losses were related to the Tianjin explosion, with the other $20 million due to natural catastrophes, with the biggest being the Washington State wildfires and an earthquake in Chile.

Aspen has based its estimates primarily on market information and exposure analysis, among other factors, due to the absence of significant client loss reporting.

Due to the complexity of the events and the uncertainty in its assumptions, the company said that the actual ultimate loss may vary materially from these estimates.