Thai flood-related insured losses top $10B: Analysis

Months of flooding in Thailand could cost insurers more than $10 billion, according to an analysis released Tuesday by Aon Corp.'s Aon Benfield unit.

The Monthly Cat Recap report, published by Aon Benfield's Impact Forecasting L.L.C. unit, also noted reports that European flooding caused by a slow-moving extratropical area of low pressure named Rolf caused an estimated $1.09 billion in insured damage in France alone, with additional damage in Italy.

The report said total economic damage wrought by the Thai flooding amounts to $45 billion, with insured damage possibly exceeding $10 billion.

"As floodwaters throughout Thailand continue to recede, the true scope of the disaster's impact is starting to be realized,” said Steve Jakubowski, president of Aon Benfield’s Chicago-based Impact Forecasting catastrophe model development center, in a statement.

“With assessments under way, it is clear that the billions in insured losses from the flooding will make this the costliest natural disaster event in Southeast Asia's recorded history,” he said. “The losses also add to what already was one of the most economically active natural catastrophe years ever around the globe."