The massive port explosion that engulfed the Lebanese capital of Beirut on August 04 is likely to inflict insured losses of around US$3 billion, according to a report by Reuters, citing industry sources.
Parallels have been drawn between this blast and the one that occurred in Tianjin, China in 2015.
The Beirut blast, which killed at least 200 people, destroyed numerous buildings across the city and was felt as far as Cyprus. Lebanese officials have reported economic losses of US$15 billion, most of which is uninsured.
Swiss Re estimated the insured losses at the Tianjin blast at around US$2.5 billion