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Tianjin explosions insurance losses could total £1bn

Credit Suisse said insurance losses could total $1 to $1.5 billion. Credit: Reuters

Insurances losses could total nearly £1 billion following the two explosions in the Chinese city of Tianjin that killed more than 100 people.

Credit Suisse analysts said the figure was based on initial estimates.

Insurance companies including Zurich and Allianz have said they have received claims from clients that had been affected by the disaster. Chinese insurers are also expected to be affected.

"It is still very early to determine the level of insured losses, but the event is likely to be large with initial insured loss estimates of $1-$1.5 billion and a large number of insurance companies affected," analyst Arian van Veen said.

Hundreds of residents displaced by the blasts last week have demanded compensation.

Many operations have now resumed at Tianjin's port following the devastating blasts, trade sources told the Reuters news agency.

Hundreds of displaced Tianjin residents hold protest

Hundreds of residents whose homes have been destroyed held a protest outside a news conference Credit: Reuters

Hundreds of Tianjin residents, whose homes were destroyed in the explosions, held a protest outside a news conference today.

Holding banners reading 'Give back our homes' marched to a hotel where a news conference was to take place demanding answers from the government.

Nearly 700 people remained in hospital four days after Wednesday's disaster, which damaged buildings and shattered windows of nearby apartments.

Some 6,300 people have been displaced by the blasts.


Chinese Premier visits Tianjin explosions site

Li Keqiang toured the site of the blasts to oversee the search and rescue operation Credit: CCTV

Chinese Premier Li Keqiang visited Tianjin yesterday days after explosions killed at least 114 and flattened part of a national development zone, state media reported.

He toured the site of the blasts to oversee the search and rescue operation and stressed the importance of monitoring the quality of the air, water and soil in the area.

He paid his respects to fire fighters who lost their lives Credit: CCTV

Later Li paid his respects to the fire fighters who lost their lives during the rescue operation, CCTV said. At least 39 fire fighters were killed, according to state media.

It is estimated 70 people, most of them fire fighters, are missing and 700 people remain in hospital, state media said.

China officials confirm toxins at Tianjin blast site

Soldiers of the People's Liberation Army anti-chemical warfare corps stand next to a damaged firefighting vehicle Credit: Reuters

Chinese officials have acknowledged the presence of toxins at the site of two massive explosions in a warehouse district in the city of Tianjin, but said they pose no risk to people outside the two-km evacuation zone.

"I can responsibly say that there will be no secondary damage to the people," Shi Luze, the chief of staff of the People's Liberation Army's Beijing Military Region, told reporters, referring to people outside the zone.

Mr Shi confirmed the presence of more than 100 tons of deadly sodium cyanide, stored at two separate sites.

He said workers were trying to clear the area of chemicals before possible rain showers, which could create toxic gas.

China blasts death toll rises to 112 as 95 remain missing

The death toll from the massive explosions in Tianjin has risen to 112 with 95 still reported missing, China's Xinhua news agency reported.

Firefighters wearing gas masks stand near a damaged firefighting vehicle at the blast site in Tianjin. Credit: Reuters/China Daily

Eighty-five of those unaccounted for after Wednesday's blasts in the Chinese port city are firefighters.

Residents who had taken refuge in a school near the site of the explosions were evacuated yesterday after a change in wind direction prompted fears that toxic chemical particles could be blown inland.

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