Since Thailand suffered what was by far the biggest insured flood loss in history, some tough lessons have been learnt. The Thai floods hit nearly 1,000 factories feeding global supply chains - particularly in the autosector - costing insurers an estimated $20bn.
Crawford's own Bangkok office handled an unprecedented number of serious incidents, with many hundreds of individual claims valued at seven figures or over, in a disaster which placed the global underwriting community under significant pressure.
However, despite encountering myriad problems along the way, knowledge gleaned from the challenges faced by the market in Thailand over the past 12 months has encouraged the creation of a system at Crawford in which adjusters can respond more effectively when major disasters strike.
This paper looks at the disaster's impact, what tough lessons have been learnt and how adjusters can respond more effectively should future disasters strike.