Munich Re said it faces claims of at least EUR100m ($118million) stemming from the deadly explosion that ravaged much of downtown Beirut last month, reported Bloomberg.
The German reinsurer said losses in the “low three-digit-million euro range” are expected, mostly relating to property, according to a company statement.
The blast caused as much as $4.6bn in physical damage, according to an initial asessment led by the World Bank.
More than 180 people were killed and thousands injured when a vast consignment of explosive material detonated at Beirut’s port on 4 August devastating surrounding neighbourhoods..
AM Best has said that for the international market, marine business lines and properties are expected to be affected by the blast, while locally in Lebanon, property insurance represents a small portion of the Lebanese insurance industry, which is dominated by three sectors that include life, medical and auto insurance.