Local insurers say 90% of damage is reinsured elsewhere
Philippine Insurers and Reinsurers Association official Mario Valdez has said non-life claims from floods caused by Tropical Storm Ketsana, will cost $236m, with 90% reinsured, Dow Jones reports.
The storm killed 337 people in and around Manila and displaced 4.1 million. It will be the most expensive natural disaster to hit the country since the 1991 eruption of Mount Pinatubo.
Damage includes $21min claims for water-logged vehicles. "The industry estimates property claims would be at least 10 times that," Valdez said.
90% was reinsured
Local insurers only carried 10% of the risk with 90% spread out to local and foreign reinsurance companies.
