Thai flood losses set to escalate - Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories including feelings of a “whiff of Katrina” among loss adjusters about the Thailand floods that have already inundated two industrial estates in Bangkok - affecting multinational firms including Apple and Ford Motors.
Global reinsurance broker Guy Carpenter estimates insured losses from the floods could reach three point three billion dollars - while other experts have warned the disaster demands a rethink of global supply chain strategies.
In other news the ABI is considering setting up a no claims discount register in the wake of the creation of the Insurance Fraud Register; the decision to dismantle Aviva's Dublin-based European holding company - with the loss of up to 950 jobs - has been blamed on "economic and regulatory burdens"; and market speculation suggests that outgoing Willis UK & Ireland chief executive Brendan McManus will target a role at another major broker, after well-placed sources rubbished rumours linking him with a move to Towergate.
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