Risk of flood affecting 2009 insurance policies
Property insurance and reinsurance are starting to tighten up policy sales as the threat of widespread flood reemerges. Reinsurance companies have begun reining in treaty (policy) limits and increasing deductibles, while insurance companies scale back from underwriting new policies, according to a spokesperson of the Indonesian General Insurers Association (AAUI), Julian Noor.
Noor fears that insurers would eventually stop covering flood risks. He said there are three things that exacerbate flood in Jakarta: coastal flood tide, actual degree of precipitation in Jakarta, and that in areas surrounding the city. Given these three factors, widespread flood throughout the city will almost be certain.
Insurance and reinsurance companies suffered approximately Rp4 trillion in losses due to the major flood in Jakarta in 2007.
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