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Chinese insurance agencies are bracing to pay over $1.50 billion insurance claims, perhaps the biggest in recent years, to claimants affected by the massive twin blasts in Tianjin port city in which 112 people were killed and over 720 injured.
Ninety-five people, mostly firefighters are still missing four days after the blasts reported to have been triggered by storage of massive quantities of deadly chemicals like sodium cyanide.
Besides the payment of compensations to the dead and injured, Chinese government and the insurance firms would be saddled with payment of huge insurance claims as the twin explosions caused unprecedented amount of damage stretching to several kilometres of storage areas of the port, besides residential buildings.
Official media reports said hundreds of newly imported cars kept in the large holding were destroyed in the blasts.
As the victims of Tianjin blasts have started to claim compensation from insurance companies, it is expected that the claims for property damages will incur 5 to 10 billion Yuan ($780 million to 1.56 billion) in total payment, official Chinese media reported.
According to China Youth Daily, People's Insurance Company of China and its subsidiary company in Tianjin have started implementing their Major Emergent Accident Response Plan, checking on clients' information and offering services in settlement of claims.
China United Insurance Holding Company had so far received seven claims, including four in vehicle insurance, one in employer liability insurance and one in property insurance with its Tianjin subsidiary company, estimated to be 100,000 Yuan ($15,648) in total.
At the same time, Sunshine Insurance Group Corporation Limited had received claims for 14 cases of vehicle insurance, 16 cases of property insurance and one case of health and accident insurance, totaling 24.4 million Yuan ($3.82 million).
The blasts are expected to drag down the booming growth of Binhai New Area, a flagship industrial park that made Tianjin one of China's fastest growing areas.
The catastrophe has affected 17,000 households and 1,700 enterprises, according to Zhang Ruigang, vice head of the new area, state-run Xinhua reported.
