Profound changes affecting insurance

hai Reinsurance is expecting the market to undergo profound mutations following the serious floods sustained by the country since last summer. Insurance premiums will witness increases reaching 300% while the sums insured will naturally go down by 20% to 50% as a result to the damages caused by the disaster. Thailand is, henceforth, regarded as a highly risky country by reinsurers who reckon that the doubling of reinsurance premiums is necessary for “flood” risk rating as well as for comprehensive industrial risks. The coverage of flood risk will, henceforth, be granted only with up to 20% of the sums insured. Local insurers, weakened by this event, will have to seek partnerships, which will stand as an opportunity for those willing to enter this market.

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