December 27, 2004 08:48 PM
Unmatched Scope Of Disaster Delays Damage Estimates
Excerpt: The destruction wrought by the weekend's tsunami in the Indian Ocean comes on top of what already ranked as the most expensive year to date for insurance companies, but insurers say the absence of experience with earthquake-generated waves in the region will delay precise damage estimates.
he destruction wrought by the weekend's tsunami in the Indian Ocean comes on top of what already ranked as the most expensive year to date for insurance companies, but insurers say the absence of experience with earthquake-generated waves in the region will delay precise damage estimates.
The weekend's disaster, unprecedented in its geographical scale with more than 23,000 estimated dead across at least 10 countries, underlines how natural catastrophes are still a far greater threat to mankind than terrorism, and has prompted calls for better multilateral disaster planning.
The waves that swept into coastal settlements, towns and resorts around the Indian Ocean on Sunday will have a limited cost to global insurance companies because the region is relatively poor, insurers said. Major economic centers in the region, notably Singapore, were spared, and much of the insured damage is likely to be related to the tourism industry that thrives in the region.
Steve Farrance, a spokesman for the world's largest insurance market, Lloyd's of London, said initial estimates showed that the exposure of Lloyd's underwriters was limited to "holiday resorts, personal accident, travel insurance and marine risks." He said he had no initial indication of potential losses suffered by ships in the region.
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