The three months of heavy rain that have caused widespread damage across northern and central Thailand have resulted in floodwaters several metres deep in places destroying or damaging around 800,000 homes across the country and forcing seven huge industrial estates in the central regions to close. Around 1,300 factories have been affected by the floods, disrupting manufacturing supply chains inside and outside of Thailand. The production of cars, electronics and other goods has been halted in central areas of Thailand as hundreds of factories are under water. Many of the affected industrial estates house both local and international factories and businesses, with large numbers making electronic components and car parts. Several firms have been forced to suspend production because of damage to facilities or disruption to supply chains. It is reported that up to a third of Thailand has been under flood waters.
Due to the fact the floods are still ongoing, no definitive insured loss estimate has been released. Thailand's Office of the Insurance Commission has said the damage caused by flooding to six major industrial estates of Bang Pa-In, Hi- Tech, Factory Land, Nava Nakorn, Rojana and Saha Rattana Nakorn is estimated to be THB 100 billion (USD3.3 billion). The losses being handled by our CAT team have reserves in excess of USD 500 million.
The vrs CAT team involving some 20 adjusters and experts from the USA, UK, France, and Singapore are working closely with vrs JPL in Thailand to provide assistance in quantifying the losses and reporting to the market.
Access to property has not been easy. Lorries and boats were found to be unable to access all locations, and Helicopters were chartered to assist in accessing the more remote flooded locations. Access was particularly hampered by the presence of deadly snakes and crocodiles in the flood waters. Indeed adjusters from vrs JPL attended a site where a lorry carrying beer had rolled over in the floods only to find 3 crocodiles fighting over the salvage. The adjuster recorded the cargo and lorry as being a total loss!!
Thailand Floods Contacts:
Thailand: Harold Lim - firstname.lastname@example.org
Mobile: +66 8 1907 1085
Singapore: Nehemiah Neo - email@example.com
Mobile: + 65 9818 7238
USA: Joe Dotoli - firstname.lastname@example.org
Mobile: +1 312 498 6153
UK: Peter Chart - email@example.com
Mobile + 44 780 385 7326
France: Michel Stagnara - firstname.lastname@example.org
Mobile: + 33 609 41 9702