Floods prompt warning from trade groupThe Thai General Insurance Association (TGIA) has warned policyholders to prepare for heavy flooding and closely monitor the situation, as only a small number of buyers have full coverage for property damage caused by natural disasters. For anyone seeking to manage risk through insurance, Mr Anon suggested exploring existing insurance policies with full coverage for flood damage. Mr Anon said coverage in insurance policies after the 2011 Thailand floods was drastically changed. Existing coverage for natural disasters from floods, windstorms and earthquakes may not be sufficient because the insured may not have insurance policies that offer full coverage for flood damage. According to the TGIA, only a small percentage of assets damaged by floods each year were covered by insurance.

Source: Bangkok Post August 31, 2021 23:48 UTC