Swiss Re Sees Claims Costs Of $600 Mln From Thailand Flood

Swiss Reinsurance Co. (SSREY.PK: News , SWCEF.PK) on Tuesday estimated its claims costs from Thailand's severe flooding at $600 million. The estimates, net of retrocession and before tax, remains subject to significant uncertainty, as it is difficult to assess losses accurately due to the still higher water levels following intense rainfall, the Swiss reinsurer added. The company currently estimates the total insured market loss to be in the range of $8 billion to $11 billion.

Comments

Post a Comment

Popular posts from this blog

Golden year for auto industry

Image
THE NATION reports: This year can certainly be considered the golden year for Thailand's automobile industry. Just grab a look at these figures: apart from achieving a new sales record of an expected 1.4 million vehicles, 2012 also marks the first year that the industry has broken the 2-million-vehicle production mark. Auto exports from Thailand this year is estimated at Bt1 trillion, making the auto industry the biggest earning industry, with 1-tonne pickup trucks and eco-cars as the mainstream products, as well as auto parts and components. Watching this growth trend, many are already eyeing the 3-million-vehicle production mark for the auto industry. The Industry Ministry along with the Federation of Thai Industries (FTI), the Auto Industry and the Auto Parts Industry Club of the FTI, Thai Automotive Industry Association (TAIA), Thai Auto Parts Manufacturers Association (TAPMA), Board of Investment (BoI) and the Thai Automotive Institution (TAI) recently celebrated the 2-million...
Read more

Thailand: Auto sales increase 17.8% in April

Good news for the weekend! New vehicle sales in Thailand rose to a record 67,283 units in April 2011, up 17.8% compared with the levels reported in the corresponding month a year earlier. With this increase, vehicle sales in the first four months of this year increased 36.6% year-on-year to a record 305,902 units. Bangkok Post, citing figures compiled by Toyota Motor Thailand, said the passenger car segment accounted for 30,953 units out of total sales last month, an improvement of 17.8% from a year ago. Sales were driven by the continued demand for small and fuel-efficient cars.
Read more

Asahi Tec chooses Laos ahead of Thailand

Image
Via Bangkok Post:  VIENTIANE : Higher labour costs and a labour shortage in Thailand have prompted Japanese auto parts maker Asahi Tec Corporation (ATC) to build its new overseas factory in Laos. The 1.6-billion-baht plant in Savannakhet province will manufacture aluminium die casting parts. "The labour shortage and high cost of expansion are the main problems for the expansion plan in Thailand, so Savannakhet is our new investment destination," said ATC director and chairman Shoichiro Irimajiri. ATC's four factories in Thailand, which produce aluminium and iron casting parts, have already reached full capacity. A new company, BMM Asahi Tec, has been formed through an equal joint venture with leading Lao company BMM Group, which is involved in property development and duty-free retailing. The factory will be located in the Savan-Seno Special Economic Zone, which is expected to be a thriving hub of trade and services in the Greater Mekong Subregion. BMM Asahi Tec plans to ...
Read more