Insurance prices around the world are set to rise in the wake of the devastating floods in Thailand, according to Aon Benfield, a risk assessment firm. The Thai floods are yet another catastrophic event that has occurred in 2011. Paired with rampaging storms in the U.S. and a horrific earthquake and tsunami in Japan, the floods have done major financial damage to the worldwide insurance industry. Estimates regarding the damage done to properties from the flooding in Thailand hovers around $10 billion, but these estimates only factor in the damage…
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Thailand floods could cost the global insurance industry $10 billion
Devastating floods in Thailand may have a global impact, according to insurers. Thailand is a critical point in the global supply chain, says Gary Lynch, head of supply chain risk at Marsh Risk Consulting. Widespread flooding has closed more than 14,000 businesses, including distribution centers for Sony, Canon and Nissan. The disruption in the supply chain could have far reaching consequences in the U.S., the UK and throughout Europe. Lloyd’s of London is now petitioning Thailand insurance and risk firms to assess the risk exposure they see in the nation.…
Read MoreHistoric Flooding in Thailand, Disruptions Continue for Manufacturing and Supply Chain Activities
BOSTON, Nov. 9, 2011 – According to catastrophe modeling firm AIR Worldwide, historic flooding in Thailand continues to damage residential properties and has interrupted operations for numerous businesses. At the start of this year’s monsoon season in late July, Tropical Storm Nock-Ten brought high precipitation levels that swelled the Yom and Nan rivers in the north of Thailand, forcing the evacuation of 650,000 people. Since then, persistently heavy rains have caused serious flooding throughout the country, killing more than 500 people and severely affecting an estimated 2.5-3 million more in…
Read MoreThai floods bring insurance claim predictions to $13 billion
Bangkok is now facing the worst floods that it has seen in many decades, forcing hundreds of factories to keep themselves shut in around the city and impairing global supplies, in addition to leading to billions of dollars in insured losses. It is predicted that Japanese insurers will face the brunt of these claims. The flooding in the country is being caused by the slow runoff from the rainy season which is progressing southward from the plains located north of Bangkok. Over the last three months, there have been approximately…
Read MoreFloods in Thailand claim hundreds of lives and displace thousands more
Devastating floods struck Thailand last week and threatened to cause catastrophic damage to the nation’s capital, Bangkok. The floods are the result of heavy rainfall and violent storms that have been occurring throughout the country and in neighboring Myanmar. The recent floods are the worst the country has experienced in over 50 years and have killed more than 350 people thus far. Thousands more have been displaced as the relatively few insurance organizations operating in Thailand attempt to mitigate the disaster. The Thai government, led by Prime Minister Yingluck Shinawatra,…
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