Kathmandu. Insurance claims for damage caused by powerful earthquakes in Myanmar and northern Thailand are expected to exceed $1.5 billion.
The Thai General Insurance Association (TGIA) has estimated insurance claims of more than $1.53 billion for the damage caused by the march earthquake.
According to a report published in the Bangkok Post, 150,000 insurance claims worth $ 920 million have been received so far. The claim process is expected to continue in September.
According to TGIA, the earthquake has affected the general public as well as insurance companies. TGIA has also raised awareness about the need for insurance to minimise the economic damage caused by natural disasters.
Now the demand for earthquake and personal property insurance in these areas is expected to increase drastically. TGIA said insurance premiums related to natural disasters could also increase due to increased risk.
