Insurers prepare for multi-million dollar payouts after Myanmar quake

The damage from this incident alone may lead to insurance claims surpassing THB1bn (around $29m), as reported by The Nation. The collapsed structure was the Thai Auditor General’s Office building, which was about 30% complete at the time of the disaster and had a total construction budget of THB2.1bn.

The project was covered under a Construction All Risks insurance policy valued at THB2.24bn, jointly underwritten by four insurers: Dhipaya Insurance (40%), Bangkok Insurance (25%), Southeast Insurance (25%), and Viriyah Insurance (10%), reported a Vietnamese newspaper.

In Thailand, several insurance companies are reportedly handling claims for a range of affected properties, including high-rise buildings, office towers, condominiums, hospitals, and vehicles in Bangkok and other major cities hit by the tremors.

Insurers have stated that a clearer understanding of the total damage is expected to emerge in the coming week.

To read the article by The Nation, please click here.