Companies in Thailand Take Out 3,745 Catastrophe Insurance Policies
A report from the National Catastrophe Insurance Fund of Thailand reveals that foreign and domestic companies that suffered damage during the great flood of 2011 purchased a total of 3,745 catastrophe insurance policies between 28 March 2012 and 7 January 2013, with a total of $470.7 million in proportional reinsurance funding (calculated using the exchange rate of 30 baht to one US dollar) in the industrial sector fund to offer protection in the event of disasters like floods, storm winds or earthquakes.
This is the same method as other countries have used when major disasters have occurred, including Japan, the USA, Taiwan, and Brazil, to build confidence in the household and industrial sectors, and will help affected companies, including the Thai insurance system, to return to normal.
Source: National Catastrophe Insurance Fund of Thailand
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