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Thailand flooding insured losses may hit $13 billion

Thailand flooding insured losses may hit $13 billion

BANGKOK—Insured losses from the recent flooding in Thailand could reach as much as $13 billion, and recovery from the floods could cost about $30 billion, according to an update from JLT Re, the reinsurance brokerage arm of Jardine Lloyd Thompson P.L.C.

Thailand's Office of Insurance Commission issued an initial estimate of insured losses for the disaster of $4.95 billion, JLT Re said, with 80% of those losses being covered by Japanese insurers.

Other estimates, however, have put Japanese insurers' losses at up to $13 billion, the update noted.

Seven of Thailand's main industrial zones, which contain about 10,000 factories and represent about $26 billion in investments, have been closed because of the flooding, which has left about 400 people dead, according to the update.

Many factories remain inaccessible, and detailed loss estimates are unavailable, JLT Re noted.