Insurers, Travel Firms Tally Tsunami Cost
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European insurers face new costs and travel firms could lose business after tsunami waves killed more than 21,500 in Asia this weekend, but the financial impact is expected to be limited compared with other disasters this year.
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The Tourism Authority of Thailand (TAT) yesterday estimated the damage caused to hotels in the two worst-hit disaster areas _ Khao Lak and Koh Phi Phi _ at 12.8 billion baht, but has yet to determine the extent of the financial losses in Phuket.
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NEW DELHI: The tourism industry is bracing for a sudden end to the merriment, as travellers flee Tsunami-hit regions days before the grand finale of a hugely successful year.
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Natural disasters will cost insurers a record &#36;35 billion this year, after hurricanes lashed the Caribbean and southeastern United States and a record 10 typhoons soaked Japan in events seen as linked to global warming, climate experts said on Wednesday.
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Soldiers searched for bodies in treetops, families wept over the dead lined up on beaches and rescuers scoured coral isles for missing tourists as Asia counted the cost on Monday of a tsunami that killed at least 12,600.
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The tsunami catastrophe in south Asia  is likely to have wreaked economic damage of more than 10  billion euros ($13.6 billion), compounding what was already the  most expensive year in history for insurers, the world's  largest reinsurer said.
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BERLIN -- Munich Re, the world&#39;s biggest reinsurer, said Tuesday that the deadly Indian Ocean tsunamis likely will cost it less than 100 million euros ($136 million).
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BANGKOK - Thailand will need months to repair damage to its lucrative tourism industry wrought by the deadly tsunami that swept across the Indian Ocean, a senior tourism official said on Tuesday.
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St. Paul Travelers Co., the second-largest business insurer in the United States, said Wednesday that it estimates losses from Hurricane Ivan to be about $94 million, and expects the losses to cut third-quarter earnings by about 14 cents per share.
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Munich Re, the world&#39;s largest reinsurer, forecast less than 100 million euros ($136 million) in claims from the earthquake that sent 33-foot (10 meter) waves crashing into coastlines from Thailand to India.
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The Asian earthquake and tsunami catastrophe has unleashed financial damage in the tens of billions of dollars but foreign insurers will get off lightly, according to a top US industry body.
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International organisation and countries are poring in relief and over $500 million have already been pledged. This includes $250 million for tsunami relief offered by the World Bank on Thursday.
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The tsunami catastrophe in south Asia  has caused economic damage in excess of 10 billion euros ($13.6  billion), a risk research expert at Munich Re MUVGn.DE, the  world's largest reinsurer, was quoted as saying on Tuesday.
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The damage caused by the waves which swept coastlines in South Asia following a seabed earthquake is likely to exceed 10 billion euros(13 billion USD), an insurance expert said.
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Lloyd's of London, the world's largest insurance company, said Wednesday it expects to pay about 100 million pounds (&#36;188 million) in claims related to Asia's tsunami.
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FRANKFURT: German insurance companies said Monday it was too early to assess the costs from the deadly tidal waves that battered South Asia at the weekend.
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COLOMBO, Sri Lanka  - The death toll in a tsunami  that slammed into coasts from India to Indonesia topped 21,000  on Monday as rescuers scoured the sea for missing tourists and  soldiers raced to recover bodies amid growing fears of disease.