China regulator urges finance firms to support Tianjin disaster relief

[SHANGHAI] China securities regulator on Monday urged financial institutions to support disaster relief efforts in the northeastern city of Tianjin, and said insurance companies would set up a 24-hour service to handle related claims.

The Tianjin branch of the China Development Bank would provide affected businesses and individuals with emergency loans, according to a notice posted on the China Securities Regulatory Commission.

Tianjin's port, one of the world's busiest, was hit on August 12 by blasts that damaged a large industrial area. The death toll has risen to 112, with 95 people missing, and scores of businesses have been affected.

Credit Suisse analysts, citing initial estimates from local media, said that the incident could generate total insurance losses of US$1 billion to US$1.5 billion.

REUTERS