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Thai Floods Could Prove More Costly for Insurers

Posted on Mar 02, 2012 by Sergio Ulloa ()

A new report published this week by Standard & Poor's (S&P) Ratings Services, the foremost worldwide insurance rating and information agency, argues that the persistent flooding that took place in Thailand late last year could pose much larger losses for both pan-Asian insurers and the local market than early risk-model indicators initially forecast. The rating agency now estimates that the current gross losses for insurers globally is somewhere between US$16 billion-US$18 billion. This is in line with the market's expectation of ultimate losses being around US$15 billion to US$20 billion.

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