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Thai Flood Seminar : Insurers must manage risks better with more data and real information

Source: Asia Insurance Review | May 2012

The one-day seminar on the Critical Lessons from the Thai Floods organised by Asia Insurance Review within a short span of five weeks, with the active support of the Office of the Insurance Commission of Thailand and the General Insurance Association of Thailand, drew more than 250 delegates, with more than half coming from overseas, and made a clear call for more data and greater preparedness for the risks faced. The Thai government and authorities are paying greater strategic attention to water and flood management. The seminar issued a dire warning to all not to return to old ways, but to move forward with data and the science of risk management. There certainly is a decisive and dynamic move within insurance and reinsurance circles to do something about covering these exposures in a responsible way and with greater awareness of the risks involved. But will the determination hold?

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