Zurich Insurance gets damages claims following Tianjin explosions

The Chinese unit of Zurich Insurance Group is braced for a major financial hit after this week's explosions in the northeast city of Tianjin.

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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, Zurich said today.

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 about chemicals still stored in ruined warehouses as company inventories have been destroyed.