Losses from the Thai floods cannot be assessed with any certainty until floodwaters subside and access is regained.

Seven of Thailand’s main industrial estates are affected, with around 10,000 facilities severely affected by floodwaters. They house numerous facilities owned by foreign companies. Some 450 Japanese companies alone operate in the affected areas.

Thailand’s Office of the Insurance Commission says the seven estates have about $US15 billion ($14 billion) of insurance coverage, but other sources have put the coverage as high as $US19 billion ($18 billion).

Reinsurance broker Aon Benfield says the preliminary economic losses are $US9.8 billion ($9.4 billion), with insured losses presently estimated more than $US4.6 billion ($4.4 billion), but assessments are ongoing.

JLT Re says insured losses could be as much as $US13 billion ($12 billion).

So far it is all speculation as insurance assessors have not been able to quantify losses. Much of the current information is based on potential losses rather than assessed losses.

One of the biggest concerns for the Thai Government is that insurers and reinsurers may not cover flood in the future, and the flow-on effect could lead to companies relocating.