Insured losses from Thailand floods may exceed $10 billion: Aon Benfield

Insured losses resulting from the Thailand floods may exceed $10 billion, according to Aon Benfield.
In its Monthly Cat Recap report, Aon Benfield noted the floods, currently in the fourth month, have caused 657 deaths and affected more than 13.4 million people. Total economic losses are estimated at $45 billion.
“As floodwaters throughout Thailand continue to recede, the true scope of the disaster’s impact is starting to be realized,” said Steve Jakubowski, president of Impact Forecasting. Impact Forecasting is Aon Benfield’s catastrophe model development centre.
“With assessments underway, it is clear that the billions in insured losses from the flooding will make this the costliest natural disaster event in Southeast Asia’s recorded history. The losses also add to what already was one of the most economically active natural catastrophe years ever around the globe.”
Swiss Re estimates claims costs of US$600 million, net of retrocession and before tax, resulting from the Thailand floods.
Munich re in its Q3 report said “we expect a large loss burden from the floods in Thailand, which reached their highest point in the region around Bangkok at the end of October. It is naturally too early to give any definite figure yet.”