Tianjin explosions brings a flood of insurance claims, says Zurich

Property and cargo firms in the blast-hit Chinese city of Tianjin have swiftly put in insurance claims as they attempt to recover from Wednesday night’s devastating explosion, insurer Zurich has said.

The Chinese arm of the Swiss insurance giant is assessing the potential losses from companies in the city after two huge explosions at its industrial port area.

Car-makers including Volkswagen and Toyota are assessing the damage to cars and facilities after the blast, and France’s Renault said nearly 1500 of its imported cars stored in a warehouse at the port had been burned.

Around 40% of cars imported to China pass through Tianjin.

Investigators were still picking through the wreckage today as they hunted for clues to the source of the blast.

There were fears over chemicals still stored in ruined warehouses as company inventories have been destroyed.

The blast could provide a headache for global insurers which had enjoyed a relatively calm year with few natural disasters triggering large payouts.

Investors rode out fears, however, with Zurich shares flat at 288p.

Zurich is currently attempting a takeover of British insurer RSA, which runs the More Than brand.