The world’s second largest reinsurer Swiss Re has estimated its costs in claims from flooding in Thailand at $600 million (SFr554 million).
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Intense rainfall caused hundreds of deaths and flooded approximately 1,500 industrial facilities, according to Swiss Re, affecting the global manufacturing industry supply chain.
The total insured market loss is expected to be in the range of $8 billion to $11 billion, Swiss Re said, adding that due to high water levels in some places the estimate was still subject to high uncertainty.
“In addition to the human cost, 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,” Brian Gray of Swiss Re said in a statement.
“For weeks, factories were under several metres of water and have been unable to produce and supply key parts to global carmakers or digital and electrical goods manufacturers,” he added.
Since July, Thailand has experienced very strong monsoon rainfalls, exacerbated by typhoons. From July to October, northern and central Thailand experienced the highest rainfall in 50 years.
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