World’s largest insured man made loss event happened, it’s again in China

History of the world is full of disastrous incidents, and accidents since the ancient times, disasters and tsunamis have killed the millions of innocent people in the world but apart from these natural disasters, there is another thing called accidents or man-made disasters. These disasters cost the nations like billions or sometimes trillions in the loss.

A similar incident occurred in china last month and named as the biggest disaster in the history, even bigger than 911 attack. It was Tianjin port where an accident occurred when a storage caught fire.

Now after a couple of weeks, an inquiry report released by the Guy Carpenter on the Port of Tianjin Explosions. The report provides data about the initial losses from the explosion.  The Report said that there were many variables involved in making estimates about the losses caused by the explosions. There were two initial explosions that occurred at Tianjin port on August 12 this year.

CEO of the Asia Pacific operations for the Guy Carpenter, James Nash said that the Tianjin Port explosions are likely to constitute as one of the biggest man-made losses to date, it might be for entire world but definite for the Asian countries.

These explosions will be considered as one of the most complex insurance and reinsurance losses in the history of the Asian trade.

The shockwave generated by the explosion and the fireball, blasted the shipping containers, and burnt the vehicles standing at the port and even at the adjacent highway. The fireball destroyed the warehouses and production plants at the port. The impact of the explosion was not limited to the adjacent buildings, but it also impacted the nearby live traffic on the roads and even the railway station.

The residential structure was badly ruptured and more than 90 percent windows of the houses were blown out in the surroundings.

The impact was very powerful up to several kilometers around the place. The rescue services were totally unable to access the area due to the intensity of the fire. Only satellite imagery of the place is available to understand the scale of losses and see that what were present at the time of blast to contribute in the loss. The major losses include, cargo containers and vehicles but the precious lives of residents are the actual loss.