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Tianjin blast company chiefs arrested as death toll hits 139

Twelve people suspected of being involved in the massive explosions at a chemical storage warehouse in Tianjin, China, have been arrested.

According to local media, they included the chairman, vice-chairman and three deputy general managers of the logistics company which had been storing the volatile chemicals.

The blasts killed 139 people and injured hundreds more, leaving the port area of the city in ruins.

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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.

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