Tianjin blasts aftermath

Added On August 20, 2015

The massive blasts in China's Tianjin have dealt a heavy blow to the local economy. 

Tianjin is a major trade and logistics hub of China and one of the world's busiest ports as well.

Local Chinese insurers are expected to bear the brunt of the costs and ratings agency Fitch says the blasts could be one of the most costly catastrophe claims for the Chinese insurance sector in the past few years. 

Aside from the high number of casualties, the blasts in China's Tianjin is also taking a heavy toll on economy. And the Chinese insurers are likely to bear the brunt of the costs.