Companies buy disaster insurance
- Published: 1/02/2013 at 11:08 AM
- Online news:
The National Catastrophe Insurance Fund has sold 3,745 policies for more than 14 billion baht in the wake of the great flood of 2011.
The Fund website announced on Thursday it has sold polices worth $470.7 million (14.12 billion baht) between last March 28, when it was set up, and Jan 7.
The policies, available to companies in the industrial sector, offer protection in case of natural disasters such as floods, storms and earthquakes.
The Fund gave no details of who it is insuring, but said coverage included "companies including world-leader vehicle and hard drive manufacturers". These sectors were the most obvious victims of the 2011 floods, with many factories forced to close.
The government established the National Catastrophe Insurance Fund in the wake of the floods. Its purpose was to ease pressure on foreign reinsurers, some of whom were reluctant to offer disaster policies at competitive prices.
A press release issued Friday by the Fund said the goal was to "help affected companies, including the Thai insurance system, to return to normal".