Insurance claims toward the massive explosion at the Port of Beirut have so far reached $425 million, according to a minister.
Caretaker Economy Minister Raoul Nehme said 2,500 claims have been filed, according to the presidency’s Twitter account. The ministry expects claims to reach 10,000
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.
The blast , the biggest in Beirut’s history, killed 154 people, destroyed a swathe of the city and sent seismic shockwaves around the region.
Officials have said the blast might have caused economic losses of $15 billion.Much of these would not have been insured.
Insurance industry sources also said the major share of losses would be in property damage rather than in marine exposure to ships or the port itself.
“The majority of exposure will be on the building damage side and to the extent that it is covered beyond the property markets, there will be very significant business interruption,” a Lloyd’s of London market source said.
Munich Re said this week the explosion would likely result in big claims, but it could not yet give an estimate.
AXA and Allianz , two major international insurers operating in Lebanon, also said it was too soon to give any figures.
Munich Re said this week the explosion would likely result in big claims, but it could not yet give an estimate.
AXA and Allianz , two major international insurers operating in Lebanon, also said it was too soon to give any figures.
“Much of it (the risk) may be covered by local markets,” the source said, which could include insurers in Dubai.