Tianjin insurance claims will hurt economy: Lloyd’s
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)
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.