Swiss Re Estimates Thai Floods Cost At US$600 Million

[webfact]

Swiss Re estimates Thai floods cost at $600 mn

ZURICH, December 6, 2011 (AFP) - Reinsurance giant Swiss Re on Tuesday said that Thailand's worst flooding in decades would cost it around $600 million, but warned that the estimate could be revised.

"Water levels remain high in certain regions, making it difficult to correctly estimate the losses," the company said in a statement.

"The impact of the floods on the Thai economy and on businesses active there is likely to be big and could last for a certain amount of time," said Brian Gray, chief underwriting officer at the Swiss company.

The floods had forced several important industrial complexes to close, with factories under several metres of water for weeks and unable to produce key components for automakers and electronics manufacturers, he said.

Some 1,500 industrial sites were affected by the floods, the firm added.

Three months of unusually heavy monsoon rains have inundated large swathes of Thailand, killing at least 675 people and affecting the homes and livelihoods of millions.

-- (c) Copyright AFP 2011-12-06

[JetsetBkk]

"The impact of the floods on the Thai economy and on businesses active there is likely to be big and could last for a certain amount of time," said Brian Gray, chief underwriting officer at the Swiss company.

"likely to be big"

"last for a certain amount of time"

- meaningless drivel.

[softgeorge]

This would be for the hi so's and businesses. The average joe in the street would not have insurance.

[tragickingdom]

600 Million is probably the amount that Swiss Re is going to pay out. Unfortunately 99% of Thais and 80% of small and medium businesses are not insured. According Reuters and Bloomberg, the Thai floods are costlier for the world economy than the Japanese Tsunami. Also the costs to get Thailand back on its feet is in the tens of Billions of dollars. In the meantime the Gods and Goddesses of the Democrat Party are playing the blame game. So sad than that they did not had a plan ready for when such a scenario would occur days after the new government took office.

[siampolee]

Democrat Party are playing the blame game. So sad than that they did not had a plan ready for when such a scenario would occur days after the new government took office.

And do you think that if there was such a plan in place (and for all we know there may well have been one). this administration would have actually put the plan Into operation as Mr. Thaksin hadn't though of the plan ?

Somehow I doubt it as the ego would have been dented if it became public knowledge Thaksin hadn't thought, therefore P.T.P. couldn't act.

Edited December 6, 2011 by siampolee

[atyclb]

Feel bad for the innocents and the poor not to mention the laid off workers. Flooding in Pattaya wouldn't hurt expats that much in that the vice a versa of getting laid off is readily available.

Many people and other intelligent life forms on the planet learn from their mistakes and from trial and error..

[HMAN]

IF IT HAS AFECTED BUSINESS SO MUCH. WHY DOES THE THAI BAHT STAY SO STRONG AND THE STOCK EXCHANGE CONTINUE TO RISE?? CAN ANYONE EXPLAIN PLEASE.

[Payboy]

A good chance to write-off dead stock and obsolete machines too. Wonder how much the brokers are going to make under the table.