SWISS RE, the world’s second biggest reinsurer, estimates insured claims from the flooding in Thailand at $600 million (€447.8 million).
“The impact of this flood on the Thai economy and the companies that operate there is likely to be significant and could last some time,” said Brian Gray, chief underwriting officer at the Zurich-based reinsurer. “The floods have forced the closure of several major industrial estates.”
Thai prime minister Yingluck Shinawatra said last weekend that all areas of Bangkok would be free from flooding by the end of the month after northern and central Thailand experienced their highest rainfall in 50 years.
The total insured market loss from the flooding, which claimed at least 657 lives, could be as much as $11 billion, Swiss Re said.
“The claim is higher than expected and is not yet finished because of the complex loss assessment, said Fabrizio Croce, a Zurich-based analyst with Kepler Capital Markets.
Swiss Re dropped as much as 1.6 per cent in Zurich trading and was down 0.7 per cent at 49.36 Swiss francs yesterday morning – (Bloomberg)
