Chinese Premier Li Keqiang (center) visits the Tianjin blast site. (Photo : CRIENGLISH)
Insurance claims resulting from the tragic Aug. 12 Tianjin blasts may reach $1 billion, as estimated by insurance industry analysts, according to a report by China Times.
The two massive warehouse blasts, which caused havoc in the northern city of Tianjin, killed at least 122 people and injured more than 720.
The report said that Beijing and insurance firms are likely to receive immense insurance claims because of the destruction of the port's storage facilities, shipping containers, private vehicles and residential buildings.
These are apart from the compensation payments to those injured and relatives of those who died from the explosions.
Several insurance companies are currently speeding up the processing of the claims of the people affected by the blasts. On Aug. 13, some firms reported that they have already received a huge number of health and accident insurance claims.
Industry analyst Zhang Ming remarked that given that a total of 17 firefighters were confirmed as killed and many more are still unaccounted for, families could also claim death benefits, besides insurance.
The report added that an insurance policy bought by a Tianjin firefighter in 2008 could yield a one-time lump sum death benefit worth 200,000 to 400,000 yuan, and an injury compensation worth 4,000 to 200,000 yuan.
Analysts furthermore noted that the claims resulting from the blasts will majorly cover three kinds of insurance: property, life (with government-paid premiums) and employer liability (bought by enterprises).
Local official Zhang Ruigang remarked that the explosions' impact has affected 1,700 enterprises and 17,000 households.
