Floods and typhoons affect 8 million in Asia – Thailand flooding one of the costliest natural disasters in history

Geneva, Oct 15, (IANS) – At least 650 people have died and over eight million people have been affected by floods and typhoons in Thailand, Cambodia, Vietnam, Laos, and the Philippines, the UN has said. So far, Thailand and Cambodia are the worst affected and the situation is expected to worsen as more rains, high tides, and run-off from the north are predicted over the weekend, Xinhua reported Friday, quoting the Office for the Coordination of Humanitarian Affairs (OCHA). In Thailand, 2.4 million people in 26 provinces remained affected by the floods, and 12 provinces were on high alert for heavy rain and overflowing rivers. This included the capital Bangkok, where the water level at the Chao Phraya river bank had increased to 2.1 metres from 1.9 metres, with the height of the river bank being at 2.5 metres. One million people were also being affected in Cambodia, 250,000 in Vietnam, 490,000 in Laos, and four million in the Philippines. Elisabeth Byrs, spokesperson for the OCHA, told media Friday that over half a million sq km were flooded in the region along the Mekong river, which originates in China and passes through Myanmar, Laos, Thailand, Cambodia and Vietnam. It is considered the seventh longest river in Asia.

Floods affect 8 million in Asia: UN

By Ben Berkowitz; Editing by Lisa Von Ahn, Gerald E. McCormick, Dave Zimmerman
January 23, 2012 Last year’s flooding in Thailand is shaping up to be one of the costliest natural disasters in history, with insured losses alone estimated at more than $15 billion.

The following is an updated list [Allied World and Argo have been added] of the expected losses reported by insurance and reinsurance companies, ordered by size. The figures have been converted to U.S. dollars where applicable.

Insurer Loss

Munich Re $641.9 million

Swiss Re $600 million

XL Group $135 million – $185 million

SCOR $179.9 million

Everest Re $100 million – $125 mill

PartnerRe $120 million

Endurance $76.5 million

Transatlantic $72 million

Valid us $55.5 million

Aspen $54 million

Allied World $40 million – $50 million

Axis Capital $48 million

Argo Group $25 million – $35 million

Alterra $30 million

NOTE: PartnerRe has estimated the industry’s total loss at more than $15 billion. Validus has estimated industry losses in excess of $12 billion. Germany’s Allianz has said losses would be at least $10 billion.