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LONDON, Aug 10 (Reuters) \u2013 Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday.<\/p>\n
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Overall insured losses \u2013 including property damage \u2013 from the Aug. 4 port warehouse detonation of more than 2,000 tonnes of ammonium nitrate may reach around $3 billion, sources told Reuters last week.<\/p>\n
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The explosion killed at least 163 people, injured more than 6,000 and destroyed swathes of the Mediterranean capital.<\/p>\n
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Guy Carpenter said its vessel tracking data showed 10 vessels were within 1.6 kilometers of the blast.<\/p>\n
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\u201cWe expect those vessels would have incurred damages,\u201d the broker said in a report.<\/p>\n
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\u201cMany other vessels were within a radius where sporadic damage may have occurred.\u201d<\/p>\n
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There was still \u201csubstantial uncertainty\u201d around insured losses, but early analysis suggested hull, cargo and port facility losses of less than $250 million, Guy Carpenter said.<\/p>\n
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While insurance penetration in Lebanon is low, commercial and industrial properties near the port were likely covered by international insurers, Guy Carpenter said.<\/p>\n
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Other industry sources also say most of the insurance losses would likely relate to wider property damage in Beirut.<\/p>\n
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U.S. insurer Liberty Mutual said it expected claims of between $25 million and $50 million from the blast, without giving details of the types of cover affected.<\/p>\n
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AXA XL, AXA\u2019s commercial property and casualty insurance unit, said it had exposure in Lebanon but it and other insurers and reinsurers said it was too soon to give a loss estimate. (Reporting by Carolyn Cohn, Noor Zainab Hussain and Jonathan Saul; editing by Barbara Lewis)<\/p>\n
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(c) Copyright Thomson Reuters 2020.<\/em><\/p>\n gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":" LONDON, Aug 10 (Reuters) \u2013 Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on Monday. Overall insured losses \u2013 including property damage \u2013 from the Aug. 4 port …<\/p>\n","protected":false},"author":1,"featured_media":14991,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[9743,9759,986,5082,531,1291],"class_list":["post-15248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-beirut","tag-blast","tag-insurance","tag-losses","tag-marine","tag-million"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/15248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=15248"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/15248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/14991"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=15248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=15248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=15248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}