Fitch warns insured losses from blasts could reach $1.5b

The insured losses from a series of explosions at a chemical warehouse in Tianjin on Aug 12 are likely to range from $1 billion to $1.5 billion, Fitch Ratings said in a report on Tuesday.

The high insurance penetration rate in this area could make the blasts one of the most costly catastrophe claims for the Chinese insurance sector in the past few years, the report said.

According to the China Insurance Regulatory Commission, non-life-insurance premiums from Tianjin amounted to 11 billion yuan ($1.7 billion) last year.