TIANJIN port explosions in the Chinese port of Tianjin last month would lead to cargo losses of at least $1.5 billion, and were having a "significant impact" on the marine insurance sector, Reuters reported.

"We are expecting to see cargo losses of at least $1.5 billion, with some reports stating that the final figure could be as high as $6 billion," said Nick Derrick, chairman of the International Union of Marine Insurance's cargo committee.

The incident should provide a "substantial wake-up call to all cargo insurers", he said.

Reinsurance broker Guy Carpenter, a unit of Marsh & McLennan, said insurance losses for buildings, cargo, containers and property as a result of the explosions could run up to $3.3 billion.

Credit Suisse had estimated losses of between $1 billion and $1.5 billion days after the blast in August.