LONDON (Bloomberg) — Insurer Talanx AG’s $122 million loss from port explosions at Tianjin, one of China’s worst industrial disasters, takes the net hit incurred by insurers across Europe, the US, Bermuda and Asia to almost $2 billion, according to filings by 26 companies.

That’s at the lower end of an initial estimate by reinsurance broker Guy Carpenter of $1.6 billion to $3.3 billion after 173 people died following the August 12 explosions. It’s the fourth most costly man-made disaster ever for the industry based on current estimates and adjusted for inflation, according to Swiss Re AG’s Economic Research and Consulting unit.

“Tianjin illustrates the challenges insurers and their clients face in managing risks in an era of rapid globalisation,” said Charles Graham, an analyst at Bloomberg Intelligence in London. “This was first evident after the Thai floods in 2011. Business interruption is now one of the most difficult risks for insurers to assess.”

The highest costs from Tianjin were suffered by European firms, led by Zurich Insurance Group AG, whose $275 million loss was partly responsible for the Swiss firm abandoning its proposed takeover of Britain’s RSA Insurance Group. China Reinsurance Group said its costs would not exceed $174 million, while Warren Buffett’s Berkshire Hathaway disclosed the highest loss from a US insurer at $130 million.

The biggest man-made loss for insurers remains the September 11, 2001 terrorist attacks in the US, which cost the industry $25.2 billion, the Swiss Re data shows. The second largest was the 1988 explosion on the Piper Alpha oil and gas platform off Britain which cost the industry almost $3 billion, when adjusted for inflation.