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Insurance: Flood risk rampant across Asia's factory zones
BANGKOK/HONG KONG (Reuters) - Global insurance companies are struggling to get a grip on their flood exposure in Asia nearly a year after one of the world's costliest disasters hit Thailand, with executives fearing an even worse event looms in the region.
Some firms learnt from the Thai floods, with new defences built to protect multi-billion dollar industrial estates in the country. Insurance premiums have also gone up, but factory construction in flood-prone areas remains rampant across Asia.
Insurance executives say the industry is vulnerable to another major flood, with scientists identifying the coastal plains of southern China as one area at greatest risk.
"When I go and look at these industrial parks and ports in some of the low-lying coastal areas, I just have to stand back and think: Who's insuring these things? Who's done the risk assessment?" said Adam Switzer, a coastal scientist at the Earth Observatory in Singapore.
http://news.yahoo.com/insight-flood-risk-rampant-across-asias-factory-zones-182610462--finance.html
Some firms learnt from the Thai floods, with new defences built to protect multi-billion dollar industrial estates in the country. Insurance premiums have also gone up, but factory construction in flood-prone areas remains rampant across Asia.
Insurance executives say the industry is vulnerable to another major flood, with scientists identifying the coastal plains of southern China as one area at greatest risk.
"When I go and look at these industrial parks and ports in some of the low-lying coastal areas, I just have to stand back and think: Who's insuring these things? Who's done the risk assessment?" said Adam Switzer, a coastal scientist at the Earth Observatory in Singapore.
http://news.yahoo.com/insight-flood-risk-rampant-across-asias-factory-zones-182610462--finance.html
