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29th January 2012

Local support for Thailand Catastrophe Fund plan

Following the severe flooding in the country, the Thailand Office of Insurance Commission plans, with Government backing, to set up a 50bn baht($1.6bn) Catastrophe Fund, reports BestWire Services.
It has the support of most non-life domestic insurers and will act as a primary reinsurer with catastrophe losses of between 30bn and 500bn baht reinsured by foreign reinsurers.
Global reinsurers may be reluctant to back it unless the price is right reports Insurance Insight.