Switzerland's Zurich Insurance said Monday it faces losses of some 243 million euros ($275 million) following last month's industrial disaster in Tianjin, China.

The insurer said it forecast third-quarter losses of $200 million in its general insurance business and will conduct a review of the unit.

Separately, Zurich Insurance said it had scrapped a 7.7 billion euro bid to take over its British rival Royal & Sun Alliance.

"Discussions with RSA have now been terminated and... Zurich does not intend to make an offer," the company said in a brief statement.

Massive explosions at a hazardous goods storage firm in Tianjin, northeastern China, on August 12 killed 161 people.