Floods in Thailand turned out to be more costly to CCR

The Caisse Centrale de Réassurance (CCR) has revised upwards the net cost of the floods which affected Thailand in 2011. Pierre Michel, the company’s financial manager, has estimated that the additional cost compared to the initial estimate would be as high as 50%. The reinsurer added that he had gathered new information after the 2011 accounts closing. CCR first estimated the net impact of the loss on its result at 161 million EUR (208 million USD) and the overall bill of the events which occurred in Japan, New Zealand and in Thailand at 196 million EUR (253 million USD). In case the Thailand flood loss came to be reevaluated by 50%, the cost of the three catastrophes combined would amount to 240 million EUR (310 million USD). Swiss Re has estimated the Thai risk at 10 billion USD, 60% of which are supported by reinsurers.