Advanta Bulletin – Explosion in Beirut, Lebanon / Update #1
As has been widely reported, on 4th August, a fire and subsequent explosion occurred at the port of Beirut, Lebanon. The presence of 2,750 tonnes of ammonium nitrate, reportedly stored in a warehouse within the port, significantly exacerbated the force of the blast. Other aspects of the initial ignition and contributory factors remain under investigation. The ensuing damage is widespread and devasting, with some estimates reaching US$15 billion.
ADVANTA’s local adjusting team, who are fully licenced to operate in Beirut, were in attendance within hours of the incident. Since then, we have mobilised an experienced adjusting team to the affected areas, and are already handling hundreds of claim instructions on behalf of insurers and reinsurers in multiple business lines. We continue to monitor the incident’s impact closely, and the potential exposures and issues arising.
ADVANTA’s Quantity Surveying and Forensic Accounting teams are supporting the adjusting team.
ADVANTA remains available to assist clients with exposures in the region and provide immediate assistance due to our deployed resources in the area. We have significant experience in dealing with catastrophic events and losses relating to Property, Energy, BI/ CBI, Liability and Marine.
For immediate assistance, please contact: