Three Japanese insurance companies have warned of lower earnings this year after suffering heavy losses from the Thai floods.

The Federation of Thai Industries has estimated the total value of damage from the worst floods in 50 years will cost 1.1 trillion baht ($36.32 billion) or 10.5% of GDP.

Tokio Marine Holdings, MS&AD Insurance and NKSJ Holding have estimated their losses from the floods will total about ¥260 billion ($3.46 billion).

Tokio Marine is looking at a ¥100 billion ($1.33 billion) loss from the floods which has cut its estimated net income forecast to ¥90 billion ($1.19 billion) from ¥145 billion ($1.93 billion).

MS&D Insurance Group Holdings is expecting the floods to cost ¥130 billion ($1.73 billion) and cut ¥60 billion ($790 million) from its bottom line down to only ¥6 billion ($79 million).

NKSJ Holding is the hardest hit and has forecast a loss of ¥12 billion ($158 million).

The flooding on the central plains and the outskirts of Bangkok has wrecked seven industrial complexes where Japanese factories were located.

The cost of industrial damage is expected to cost around 474 billion baht ($15.33 billion).