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.…
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