Insurance claims in Thailand stemming from the March 28 earthquake may reach up to THB50bn (approximately $1.37bn), the Thai General Insurance Association (TGIA) stated.
This was reported by Reinsurance News on July 7.
The 7.7-magnitude earthquake that struck Myanmar was the strongest ever recorded in the country, resulting in widespread devastation, thousands of deaths, and extensive structural damage. The tremors also affected Thailand, reaching as far as Bangkok, where a 30-story building under construction collapsed, killing at least 92 people and injuring many others.
TGIA president Somporn Suebthawilkul said that following the disaster, there has been a surge in insurance applications. He expects around 150,000 claims related to earthquake and personal property insurance by September.
The catastrophe has increased public awareness and demand for earthquake and property insurance. It has also exposed significant gaps in worker protection, as many of those injured or killed were uninsured.