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Flood claims ‘covered’

BUSINESS: The Insurance Commission has confirmed that insurance companies have enough cash in their reserves to make payouts to cover flood damage.

Friday 28 October 2011, 06:21PM


So far, the value of filed claims has already reached B100 billion, with most of the claimants' businesses located in the submerged industrial complexes.

Secretary-General of the Insurance Commission, Chantra Purnariksha, has reported that the total value of insurance coverage in the areas affected by the flood is around B500 billion.

Chantra confirmed that all claims will be covered because the insurance companies are re-insured with domestic and international firms.

In addition, these companies have combined reserves of B1.14 trillion, which are enough to cover the payouts.

For the six industrial estates flooded, there are a total of 820 insured businesses with coverage of B376 billion.

Twenty-seven firms are insured against business interruption, with total coverage of of B6.7 billion.

Moreover, there are about 48,000 smaller policies with total coverage in the amount of B56 billion for the affected areas.

Chantra pointed out that the insurance companies have been pulling up data on the policyholders in the high-risk areas, and are helping them in moving their machines to safer places as they did in the Navanakorn and Bang Kadi industrial complexes. TAN

 

 

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