The Office of the Insurance Commission (OIC) has estimated that floods in the northern and northeastern regions of Thailand have caused losses of more than THB420m (13m) for insurers to date.
The auto insurance branch is the worst affected as motor insurers prepare to pay around THB408m in compensation, according to an OIC statement on 26 September.
Mr Chuchat Pramunphon, OIC secretary-general. said that, to date, 865 houses, buildings, and shops were damaged, and the estimated compensation for which is no less than THB10m. In addition, 126,104 rai (20,177 ha) of insured rice fields were damaged. The amount of losses is currently being assessed.
Collaboration
The OIC has collaborated with the Thai General Insurance Association, the Thai Life Assurance Association, the Thai Insurance Brokers Association, the Association of Life Insurance Agents and Financial Advisors, and the Thai General Insurance Surveyors and Assessors Association to establish the Insurance Operations Centre for Disaster Management and Co-operation to offer assistance. Two types of measures were announced.
Use of data to speed up insurance payouts
Mr Chuchat added that in this round of flooding, the OIC analysed data from the Insurance Bureau System (IBS), which showed which flooded areas had property insurance, or which sub-districts and districts had houses and factories that had flood insurance. The data will help insurance companies go to the area to manage compensation effectively. This is the first time that the OIC has used a data system to manage disasters together with the business sector.