ian in: a pule of ris€ accumulation an‚ coverae terms he explosions in ian in in 2015 ™n 12 Auust 2015… to massive explosions at a arehouse in the •ort of ian in in enerate‚ accumulate‚ losses across China claime‚ 1 victims… in ure‚ close to ‡00… an‚ cause‚ lare‰scale ‚amae to multiple lines of insurance businessˆ surroun‚in property an‚ infrastructureˆ he severity of the blasts an‚ lare asset exposures at the time mean that the ian in event is the biest man‰ma‚e insurance loss event ever recor‚e‚ in Asiaˆ he i‚e rane of insurance policies impacte‚ by the explosions… an‚ the complexity of interpretation of coverae beteen policy classes… ma€e for an interestin case stu‚yˆ he ian in experience also puts a spotliht on ris€ accumulation controls at ma or tra‚in hubs an‚ in‚ustrial par€sˆ he event ian in’s port is the ateay to ”ei in ian in is in northeast Chinaˆ “t is the closest startin point to the Asia‰Europe lan‚ an‚ China’s in‚ustrial northeastˆ bri‚e an‚ ateay to the country’s capital ”ei inˆ “n 201… it ran€e‚ as the orl‚’s 1 thir‚ larest port in terms of caro volume an‚ the 10th for container trafficˆ “t has 2 an in‚ustrial an‚ petrochemicals complex coverin about 115 €m ˆ he port is the main loistics hub for China’s automotive in‚ustry… accountin for „0§ of all car imports an‚ exports… an‚ serves the same function for components an‚ materials for a number of other in‚ustries… inclu‚in healthcare an‚ electronicsˆ o hue blasts rippe‚ throuh a he to explosions at ian in on 12 Auust ere triere‚ by a fire in a arehouse in loistics par€ at the port in Auustˆ one of the port’s several loistics par€sˆ he arehouse as storin haar‚ous an‚ 1„ flammable materials… such as ammonium nitrateˆ ™f the 1 victims … 10„ ere firefihters calle‚ out to extinuish the initial fireˆ Accor‚in to the China EarthŒua€e A‚ministration… the first blast reistere‚ a manitu‚e of Š 2ˆ an‚ the secon‚ Š 15 2ˆ†ˆ he explosions enerate‚ a fireball an‚ sent shoc€aves across an area of several‰€ilometre ra‚ius… leavin a lare crater in the roun‚ˆ •roperties a‚ acent to the site of the blasts… mostly container yar‚s an‚ automotive storae facilities… ere ‚estroye‚… as ere thousan‚s of ne vehicles in transit par€e‚ nearbyˆ Accor‚in to a recently issue‚ official report from the Chinese authorities… 0„ buil‚ins… 12 „2‡ 16 vehicles an‚ 5 containers ere ‚estroye‚ˆ “n a‚‚ition… ‚ue to the sheer intensity of the blasts… thousan‚s of vehicles an‚ properties ithin a 5 €m ra‚ius sustaine‚ ‚amae ranin from severe to non‰structural še… shattere‚ in‚os or ust ‚ust cover›ˆ “nsurers estimate the total number of affecte‚ cars to be a multiple of the 12 „2‡ mentione‚ in the official reportˆ “ronically… the port’s shippin terminals ere larely unscathe‚ˆ As the blasts happene‚ in one of many storae an‚ loistic operations areas… overall port activity as shut ‚on for a fe ‚ays onlyˆ Accor‚in to the official report… Accor‚in to reports of official sources… the fire starte‚ in a arehouse after the auto‰inition of nitro‰cotton spar€e‚ a ettin aent €eepin a supply of nitro‰cotton in a container ‚amp… evaporate‚ in fire that le‚ to the explosionsˆ the hih temperatures an‚ auto‰inite‚ˆ he fire Œuic€ly sprea‚ to other chemicals store‚ at the site inclu‚in ammonium nitrate… hich triere‚ the ‚evastatin 1 explosionsˆ here is an alternative an‚ i‚ely‰hel‚ belief that attempts by firefihters to put out the initial fire coul‚ have triere‚ the blasts or manifie‚ their intensityˆ he overnment… hoever… maintains that this as not the caseˆ Either ay… the event calls for a revie of safety reulations for the storin of haar‚ous materials… an‚ stroner enforcement of associate‚ proce‚uresˆ 13 orld ort anking 201 … American Association of •ort Authorities http://ˆaapa‰portsˆor/“n‚ustry/contentˆcfm¹“temNumber¬†00¾‘tatistics 14 165 people ere €ille‚ an‚ eiht are still missinˆ ‘ee A ’uc€ett… “ian in blast blame‚ on mismanaement”… €e ‚€emical ƒngineer… ‡ ˜ebruary 2016… http://ˆtceto‚ayˆcom/latest§20nes/2016/february/tian in‰blast‰blame‚‰on‰mismanaementˆ aspx¾ˆ´rn2c½2a1 15 “‘tatement of Šr •u µun ¿iao… member of the China EarthŒua€e A‚ministration”… as reporte‚ in “ ”… „in€ua… 1 Auust… 2015… http://nesˆxinhuanetˆcom/science/2015‰ ‡/1/c½1„511†61ˆhtm 16 “ian in blast probe suests action aainst 12 people”… „in€ua… 5 ˜ebruary 2016… http://nesˆ xinhuanetˆcom/enlish/2016‰02/05/c½150‡†0ˆhtm 17 A ’uc€ett… opˆ citˆ Swiss Re sigma No 1/2016 1
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