Explosions in the Chinese port of Tianjin last month could generate insurance losses of up to $3.3 billion, reinsurance specialist Guy Carpenter & Company said in a report on Friday, nearly double what some analysts had originally thought.

Guy Carpenter, the risk and reinsurance unit of Marsh & McLennan Co Inc, used high definition satellite images to evaluate how buildings, cargo, containers and property around the port were affected by the blasts, the company said.

The damages are seen between $1.6 billion and $3.3 billion, compared with between $1 billion and $1.5 billion Credit Suisse analysts had estimated days after the blast in August.