Reinsurers brace for major losses from huge Beirut blast
Property damage alone from the blast, which triggered the collapse of Lebanon’s government, could exceed $7bn
Dubai/Frankfurt — Some of the world’s biggest reinsurers are bracing for potential losses running into tens of millions of euros after last week’s explosion that ravaged much of downtown Beirut.
Property damage alone from the blast, which killed at least 171 people and triggered the collapse of Lebanon’s government, could exceed $7bn, according to the Institute of International Finance. Although only a fraction of the losses are covered by insurance, the blast’s financial effect still could blow holes in reinsurers’ balance sheets. Insured losses at the port and nearby vessels and cargoes could reach $250m, according to Guy Carpenter & Co, a US brokerage...
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