Tian­jin in­sur­ance claims will hurt econ­omy: Lloyd’s

China Daily (Canada) - - NEWS CAPSULE -

Mas­sive in­sur­ance claims are ex­pected to cause a sig­nif­i­cant im­pact on the do­mes­tic econ­omy fol­low­ing the Tian­jin chem­i­cal ex­plo­sion two weeks ago, ac­cord­ing to the chair­man of Lloyd’s of Lon­don’s rein­sur­ance mar­ket.

The in­ci­dent has demon­strated the dan­ger China faces by not di­ver­si­fy­ing its in­sur­ance risks, John Nel­son said. He called the Tian­jin dis­as­ter, which claimed the lives of nearly 200 peo­ple, a “wake-up call” for Chi­nese author­i­ties who need to lib­er­al­ize the coun­try’s in­sur­ance and rein­sur­ance in­dus­try by al­low­ing for­eign firms to en­ter the sec­tor.

Un­like ma­ture mar­kets, the amount of risk in China that is rein­sured out­side the world’s sec­ond-largest econ­omy is small. And that means the Tian­jin blast will place a sub­stan­tial bur­den on public sec­tor funds. (Photo 5)

PHOTO PRO­VIDED TO CHINA DAILY

A 70-year-old grand­mother in Chengdu, Sichuan province, has taken up pole-danc­ing. Dai Dali be­gan to learn pole danc­ing four years ago at a lo­cal gym. Af­ter years of prac­tice, Mrs Dai is now able to per­form many dif­fi­cult move­ments such as hang­ing up­side down with one leg, bal­let in the air and splits along the pole. As the old­est com­peti­tor, she was also the win­ner of the Fifth China Pole Dance Cham­pi­onship.

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