Estimates for the insured loss total from the flooding in Thailand are still confused and it’s likely to be some time before an accurate figure can be quoted. It seems that the figure we quoted of a $20 billion insured loss from a report by A.M. Best is likely to be too high, but other estimates we’ve seen published are surely too low. Reinsurer Swiss Re have published an estimate of their losses from the severe flooding event which includes a market-wide estimate of insured losses which seems more realistic.
Swiss Re say that they expect to have to pay claims of $600m (net of retrocession and before tax). In their press release on this loss Swiss Re say that insured exposure of the industrial areas is around $20 billion.
Swiss Re estimate the total insured market loss to be in the range of $8 billion to $11 billion.